Template-type: ReDIF-Article 1.0
Author-Name: Alexander Yu. Knobel
Author-Workplace-Name: Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration
Author-Name: Alexander S. Firanchuk
Author-Workplace-Name: Russian Presidential Academy of National Economy and Public Administration
Title: Foreign Trade in 2021: Export Growth Driven by a Leap in Prices
Title: Внешняя торговля в 2021 г.: рост экспорта за счет скачка цен
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%). 
Keywords: foreign trade, export, import, non-primary non-energy exports
Classification-JEL: F10, F14
Journal: Russian Economic Developments
Year: 2022
Issue: 2
Month: February
Pages: 10-14
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/r2214.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:r2214