Foreign Trade in 2020: Overcoming the Downturn

Внешняя торговля в 2020 г.: преодоление падения

Alexander Knobel and Alexander Firanchuk

Russian Economic Development, 2021, issue 3, 12-17

Abstract: Though global prices of energy resources did not return completely to the pre-crisis levels, the Russian foreign trade turnover in general recovered from the pandemic-driven downturn. The recovery of trade in services is slower because of travelling restrictions which are still in force. In 2020, exports of energy and primary commodities fell by 35.2% on the back of a decrease in global prices of energy resources. Non-oil and gas exports increased by 4.1% owing to three-fold growth in sales of gold. Without taking into account exports of gold, non-oil and gas exports decreased by 4.3% with a depreciation of export prices (-4.1%), particularly, of metals, chemical products and timber. Exports of high-tech goods decreased by 14% due to the contraction of export volumes. In 2020, the importation of goods declined by 5.1%. The pandemic brought about a four-fold drop in the travelling services sector’s turnover leading to a dramatic decrease in exports (-28%) and imports (-36%) of services.

Keywords: foreign trade; export; import; exchange rate; pandemic (search for similar items in EconPapers)
Date: 2021
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