Europe

Russia’s imports fall to their lowest level in 20 years

Western sanctions and the withdrawal of international companies over the war in Ukraine have dropped Russian imports to levels not seen since the early 2000s.

Russia imported $ 5 to $ 10 billion worth of goods last month, according to Bank Otkritie research data. Quote Wednesday, Moscow Times Russian service.

The Central Bank of Russia finally reported similar figures for monthly imports in 2001-03.

Russian authorities last month Classification Import and export data prior to the expected reduction in trading volume as a result of fallout due to the invasion of Ukraine.

Prewar figures on Russia’s imports show that Russia imported $ 27.5 billion worth of goods in February.

In the absence of Russian figures, the most reliable way to estimate the dynamics of Russian imports is the export figures of the country’s major trading partners.

Export data from 20 of Russia’s largest trading partners showed 50% Drop According to Robin Brooks, chief economist of the Institute of International Finance’s trading group, imports into Russia in April compared to the same month a year ago.

The decline in imports pushed Russia’s trade surplus growth from $ 20 billion in January to $ 45 billion in April, he said.

“We expect GDP to collapse by -30% by the end of 2022,” Brooks tweeted Wednesday.

Since the invasion, more than 900 companies have shrunk their operations in Russia.

Russia in an attempt to boost imports despite restrictions approved Companies that bring smartphones, major car brands, game consoles, spare parts, and everyday consumer goods into the country without the consent of the intellectual property owner in the so-called “parallel import” scheme.

https://www.themoscowtimes.com/2022/05/25/russias-imports-fall-to-two-decade-low-a77794 Russia’s imports fall to their lowest level in 20 years

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