The decline in energy prices has resulted in a reduction of inflow of currency to Russia until at least the last seven years, says the report of the Bank of Russia on the state of foreign trade.
In January, Russia’s revenues from exports in annual terms fell by 36% to $17,627 billion, which is the minimum since 2009 compared with the December drop was 37%.
In General there is nothing unusual, because in January of last year the oil price was around $50 per barrel, and in January of this year, mainly in the area of $30.
As a result, now the export income of our economy are at the level of 2004 Note that compared to the highs of 2013 and 2014, the inflow of currency to Russia from foreign countries decreased in 2,5 times, and from CIS countries and is almost three times.
But the import is reduced not so much, writes Finanz.ru.
In January, the decline in annual terms amounted to 21%, and in February, according to preliminary estimates of Raiffeisenbank, and even increased, though on a monthly basis.
Primarily Russia reduces procurement in the CIS: their volume was the lowest since January 2004 Supply from abroad had returned for the last day of February 2006, falling by 18%.
As a result, net inflow of currency to Russia as a result of trade declined in annual terms to a minimum for 7 years $7,893 billion.
The base of Russian exports continue to account for the proceeds from the sale of raw materials. Two-thirds of all economy earned currency generated sales of oil, gas and petroleum products by 8.6% – sale of metals, 5.8 per cent – fertilisers.
Now we have seen a decrease in the trade balance, and many experts see this as a threat to the Russian currency. According to experts “Raiffeisenbank”, even when the price of oil at $40 per barrel fall in export revenues in 2015 will amount to $50 billion In the case unless there is a reduction in imports, the balance of payments will continue to decline.
Grain exports from Russia exceeded the levels of last year
The volume of exports of cereals from Russia in the current agricultural year (2015-2016) exceeded the figures for the previous period.
About 11 March, on Friday, citing data of the Federal customs service (FCS) reported in the Ministry of agriculture of the Russian Federation.
As noted, the export of grains from Russia in 2015-2016 crop year reached 25,962 million tons. In the period 2014-2015 grain exports of Russia amounted to $ 25,149 MT.
“According to operative data of the Federal customs service of Russia, on March 9, 2016 in the current agricultural year, grain crops exported 25 thousand 962 tons, including wheat – 19 244 thousand tons, barley – 3 632 thousand tons, corn – 2 868 thousand tonnes, other crops – 218 thousand tons. The pace of grain exports higher than last year by 3.2% (for the corresponding period last agricultural year exported 25 thousand tons 149)”.