The share of non-resource exports from Russia in March was 41%
The share of non-resource, non-energy exports (NRNE) in Russia’s total exports in the first quarter of 2020 increased by almost 5% compared to the same period last year, reaching 41% of all foreign shipments in March, according to the Russian Export Center.
Export Destinations
Compared to February, NRNE grew by 13% in March, mainly due to increased exports of agricultural products and metals. According to the REC, the biggest exporters in the first quarter were platinum group metals (NRNE volume: $1.84 billion, up 56% from the same period last year); gold ($1.522 billion, +501%); wheat ($1.497 billion, +2%); sunflower oil ($708 million, +35%); frozen fish ($657 million, +11%); nickel products ($352 million, +88%); turbo engines and gas turbines ($285 million, +87%); pneumatic tires ($255 million, +10%); sunflower seed ($255 million, +1145%); corn ($209 million, +18%); large-diameter pipes ($192 million, +444%).
The leading countries in growth of non-resource, non-energy imports from Russia in the first quarter were China ($2.9 billion, up 7% from the same period last year), Kazakhstan ($2.7 billion, +12%), the United Kingdom ($1.8 billion, +156%), Turkey ($1.7 billion, +7%), Uzbekistan ($0.8 billion, +10%), Finland ($0.7 billion, +6%), and the UAE ($0.6 billion, +374%).
“Non-resource, non-energy exports in the first quarter, despite the COVID-19 pandemic, showed several positive trends. Above all, growth in the total exports share and diversification of deliveries. We expected export volumes to decline more, but the decrease was not as significant. The first quarter of this year is only 2% behind the same period in the steady year of 2019.”
Despite the general decline in business activity due to the quarantine, “companies with export contracts found themselves in a much better position than those that worked exclusively with domestic demand.”