Russia's non-oil exports cannot keep up with oil

Foreign trade statistics for six months has not been improved.
The volume of non-primary exports of Russia in the first half of 2017 amounted to $ 90 billion, an increase of 27.5% in annual terms, but its share in the overall structure of foreign supplies decreased by 0.7 percentage points (percentage points) to 53.7% , The data of the Russian Export Center (REC) testify.

Even more significantly, the share of non-primary non-energy exports (NOE) fell by 3 percentage points to 34.1%, although in the second half of the year its contribution may increase, according to the REC. In absolute terms, NOE increased by 18.7% in annual terms, to $ 57.2 billion, the June growth was 31%. Total exports for six months increased by 29% and reached $ 167.6 billion (according to official statistics of the FCS, including unaccounted trading volumes, $ 168.6 billion). Subsequently, the REC is waiting for the braking of export growth - oil prices generally correspond to the level of 2016, and the increase will be due to other goods.

The main increase in NOE was provided by the export of metal products (45%), food (16%) and chemical products (15%). Of the non-primary exports, the fastest growing metal supplies (+ 32%), precious metals (+ 28%), glass, ceramics, stone products (+ 26%), manufactured goods (+ 25%), food (+ 22%) and products Civil engineering (+ 18.6%). In the overall structure of exports, the main drivers of growth were fuel (+ 37%) and mineral raw materials (+ 35%). Among the individual goods, the maximum growth in demand was observed for oil (+ $ 12.7 billion) and oil products (+ $ 9.7 billion), hard coal (+ $ 2.5 billion) and natural gas (+ $ 2.4 billion), in non-raw materials - (+ $ 0.9 bln), hot-rolled plate (+ $ 0.66 bln), platinum (+ $ 0.49 bln), copper (+ $ 0.42 bln), wheat (+ $ 0.42 bln) and equipment For nuclear reactors (+ $ 0.25 billion). The only non-commodity commodity group, according to which supply was cut, is non-food agricultural products (- $ 0.34 billion).

In total, the share of metal products in the structure of NOE was 29.1%, chemical products - 20.3%, machine building products - 20.2%, food - 13.8%. The main consumers of non-primary goods were CIS countries (24.5%), East Asia (15.2%), Western and Eastern Europe (11.9% and 10.4% respectively), the Middle East (9.4%) and North America (7.4%).