Foreign Trade in 2021: Export Growth Driven by a Leap in Prices

Внешняя торговля в 2021 г.: рост экспорта за счет скачка цен

Alexander Knobel and Alexander Firanchuk

Russian Economic Development, 2022, issue 2, 10-14

Abstract: In 2021, Russia’s trade turnover increased by 38% to $785 bn, the maximum level since 2014. Appreciation of prices for fuel and energy commodities (+61%) amid stable volumes of exports (-1,7%) made it feasible to increase the value of exports to $267 bn (+59%). The record-high value of $197,8 bn worth of non-primary non-energy exports (+31.0%) was entirely driven by the price momentum (+31,2%) with export volumes of these commodities remaining unchanged (-0,2%). It is noteworthy that exports of machinery and equipment increased the most. No pickup in export volumes of food, metals and timber despite a leap in prices can be probably substantiated by the introduction of export duties and quotas. Unlike exports, an increase in the value of imports to $293,4 bn (+26,7%) was driven both by a rise in prices (+10,4%) and substantial growth in the volume of imports (+15,0%). In contrast to exports, the increase in the value of imports to $293.4 bn (+26,7%) was due not only to rising prices (+10,4%), but also to a significant increase in physical volumes of imports of these goods (+15,0%).

Keywords: foreign trade; export; import; non-primary non-energy exports (search for similar items in EconPapers)
JEL-codes: F10 F14 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.iep.ru/files/RePEc/gai/recdev/r2214.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gai:recdev:r2214

Access Statistics for this article

Russian Economic Development is currently edited by Alexei Vedev

More articles in Russian Economic Development from Gaidar Institute for Economic Policy Contact information at EDIRC.
Bibliographic data for series maintained by Olga Beloborodova ( this e-mail address is bad, please contact ).