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Russia’s foreign trade surplus plummets 20% in January — customs

Russia’s exports fell by 30.3% in January 2015 to $27.6 billion and imports were down by 41% to $11.4 billion

© ITAR-TASS/Yuriy Smityuk

MOSCOW, March 13. /TASS/. Russia’s foreign trade surplus decreased by $4.1 billion or 20.1% in January 2015, year on year, to $16.3 billion, the Federal Customs Service of Russia reported on Friday.

Russia’s foreign trade declined by 33.9% in January 2015 compared to the same month of the previous year to $39 billion, the customs data suggested.

Russia’s exports fell by 30.3% in January 2015 to $27.6 billion and imports were down by 41% to $11.4 billion.

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Fuel and energy products accounted for the larger share of Russia’s exports to countries outside the Commonwealth of Independent States (CIS), which comprises former Soviet republics except for the Baltic states. These exports made up 75.7% in Russia’s export commodity structure in January 2015 compared with 77.8% in January 2014.

Russia’s fuel and energy exports fell by 30.7% in terms of their value and increased by 17.1% in terms of their volume in the reporting period.

The share of fuel and energy products in Russia’s exports to CIS countries declined to 53% in January 2015 from 60.4% in the same month of 2014. Fuel and energy exports fell by 48.6% in terms of their value and by 17.7% in terms of their volume, the customs data showed.

The share of imported foodstuffs and raw materials from non-CIS countries for their production edged up to 15.3% in January 2015 from 15.2% in January 2014. Food imports declined by 23.5% in terms of their value and by 40.5% in terms of their volume in January 2015 compared with January 2014.

EU’s share in Russia’s foreign trade falls below 50%

The share of the European Union in Russia’s foreign trade declined to 45.9% in January 2015 from 50.2% a year earlier, the Federal Customs Service of Russia said.

Russia’s trade with the EU countries totaled $17.9 billion in January 2015, according to customs data.

The CIS states accounted for 11.3% of Russia’s foreign trade in January 2015 compared with 12.8% a year ago, the countries of the post-Soviet Eurasian Economic Union trade bloc made up 6.6% (6.9% in January 2014) and APEC (Asia-Pacific Economic Cooperation) countries contributed 29.1% (25.6% in the previous year).

Russia registered a decrease in foreign trade with all major non-CIS countries in January 2015, except Japan, the customs data suggested.

Specifically, Russia’s trade totaled $4.6 billion with China in January 2015 or 64% on January 2014, $3.3 billion with the Netherlands (60%), $3 billion with Italy (75.3%), $3 billion with Germany (57.5%), $2.3 billion with Turkey (87.7%), $2.1 billion with Japan (132.9%), $1.3 billion with the United States (81.8%), $1.3 billion with South Korea (73.9%), $1 billion with Poland (52.2%) and $900 million with Finland (66.8%), the customs data showed.

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