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Foreign Trade in 2021: Export Growth Driven by a Leap in Prices
[Внешняя Торговля В 2021 Г.: Рост Экспорта За Счет Скачка Цен]

Author

Listed:
  • Alexander Yu. Knobel

    (Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration)

  • Alexander S. Firanchuk

    (Russian Presidential Academy of National Economy and Public Administration)

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%).

Suggested Citation

  • Alexander Yu. Knobel & Alexander S. Firanchuk, 2022. "Foreign Trade in 2021: Export Growth Driven by a Leap in Prices [Внешняя Торговля В 2021 Г.: Рост Экспорта За Счет Скачка Цен]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 2, pages 10-14, February.
    • Handle: RePEc:gai:recdev:r2214
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    Citations

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    Cited by:

    1. Olga Mikhailovna Prokapalo & Anna Borisovna Bardal & Marina Gamilovna Mazitova & Denis Vladimirovich Suslov, 2022. "Economic Situation in the Far Eastern Federal District in 2021," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 2, pages 135-182.
    2. Elena A. Rozhanskaia & Anastasiya A. Prikladova, 2022. "Statistical Discrepancies in the Value of Non-resource Non-energy Exports from Russia to the EAEU [Статистические Расхождения Стоимостных Объемов Несырьевого Неэнергетического Экспорта Из России В ," Russian Economic Development, Gaidar Institute for Economic Policy, issue 8, pages 24-30, August.
    3. Elena A. Rozhanskaia & Anastasiya A. Prikladova, 2022. "Статистические Расхождения Стоимостных Объемов Несырьевого Неэнергетического Экспорта Из России В Страны Еаэс," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 8, pages 24-30, August.

    More about this item

    Keywords

    foreign trade; export; import; non-primary non-energy exports;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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