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Foreign Trade in 2020: Overcoming the Downturn
[Внешняя Торговля В 2020 Г.: Преодоление Падения]

Author

Listed:
  • Knobel Alexander

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

  • Firanchuk Alexander

    (Russian Presidential Academy of National Economy and Public Administration)

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.

Suggested Citation

  • Knobel Alexander & Firanchuk Alexander, 2021. "Foreign Trade in 2020: Overcoming the Downturn [Внешняя Торговля В 2020 Г.: Преодоление Падения]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 3, pages 12-17, March.
    • Handle: RePEc:gai:recdev:r2127
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    References listed on IDEAS

    as
    1. Kaukin Andrey & Miller Eugenia, 2021. "World’s Oil Market in Late 2020 [Мировой Рынок Нефти В Конце 2020 Г]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 1, pages 7-10, January.
    2. Volovik Nadezhda & Knobel Alexander, 2020. "Russia’s foreign trade in 2019," Published Papers ppaper-2020-1045, Gaidar Institute for Economic Policy, revised 2020.
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    1. Knobel Alexander & Firanchuk Alexander, 2021. "Внешняя Торговля В 2020 Г.: Преодоление Падения," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 3, pages 12-17, March.
    2. Kaukin Andrey & Miller Eugenia, 2021. "Динамика Промышленного Производства В Четвертом Квартале 2020 Г," Russian Economic Development (in Russian), Gaidar Institute for Economic Policy, issue 2, pages 23-27, February.

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