Import Substitution: imports in Russia decreased by 42%


June 1st, 2015

Rusvesna – translation – Joaquin Flores

In the first quarter of 2015, imports of food products to Russia fell by 41.9% compared to the same period last year. In monetary terms, imports of this sort amounted to $ 5.9 billion, as reported by Rosstat.

Deliveries of butter to Russia fell by 70.4%, cheese – by 64.3%, fish – by 51.9%, meat – by 49.3%, milk – 30.9. 37% reduced the import of onions and garlic, 32.5 – cucumbers, 28.6 – cabbage, 20.4 – tomatoes. The import of palm oil rose by 24.1%.

In general, Russia’s foreign trade from January to March 2015 amounted to 132 billion dollars (this includes the import and export of all types of goods, including non-food). It fell by 30.4%. The EU has become the largest trading partner of the Russian Federation with a turnover of 59.9 billion dollars (of which the Netherlands accounted for 11.3 billion to Germany – 11.2). The volume of trade with the US is $5.3 billion, with China – $15.3 billion. Turnover with Ukraine for the year fell by 57.6% to $3.7 billion.

Last August, Russia announced a ban on the supply of meat products, fruits and vegetables, seafood and fresh fish, milk and dairy products from the European Union, Australia, Canada, Norway and the United States. The embargo was a response to anti-Russian sanctions imposed by Western countries.

Thereafter, the government adopted a policy of import substitution – the gradual replacement of foreign goods by Russian. According to the head of the Industry and Trade Denis Manturov, the total cost of all projects of import substitution is 2.5 trillion rubles.

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