Template-type: ReDIF-Article 1.0
Author-Name: Knobel Alexander
Author-Workplace-Name: Russian Presidential Academy of National Economy and Public Administration; Gaidar Institute for Economic Policy
Author-Name: Firanchuk Alexander
Author-Workplace-Name: Russian Presidential Academy of National Economy and Public Administration
Title: Foreign Trade in 2020: Overcoming the Downturn
Title: Внешняя торговля в 2020 г.: преодоление падения
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. 
Keywords: foreign trade, export, import, exchange rate, pandemic
Journal: Russian Economic Developments
Year: 2021
Issue: 3
Month: March
Pages: 12-17
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/r2127.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:r2127