Non-resource, non-energy exports for January-November 2019 exceeded last year's figures
For 11 months of 2019, Russian non-resource, non-energy exports (NNE) grew by 0.2% and reached $138 billion. The first six months demonstrated negative dynamics, which was caused, in particular, by the market factors, the trade wars, and the rise of protectionism. However, from July 2019, the situation began to stabilize. By November, NNE exceeded the monetary indicators of 2018.
The volume index in almost all NEE sectors grew year-on-year. Negative dynamics, which had been caused by the high base of 2018, was observed only grain and fish exports. In 2018, due to a record wheat yield, Russia was able to deliver unprecedentedly large volumes abroad. And big fish strike in 2018 allowed exporting large volumes of salmon. The actual volume of export in other sectors exceeded the indicators of January-November 2018.
At the end of 2019, the Ministry of Industry adjusted the methodology for calculating export indicators as some chemical and petrochemical commodities, which had not been previously considered, were added to NNE indicators. Therefore, the indicators of 2018 were recalculated. According to the results for 11 months of 2018, the volume of NNE in monetary terms amounted to $ 137.7 billion ($ 134.92 billion according to the old method). The total volume of NNE amounted to $ 154.2 billion by the end of 2018 ($ 151.4 billion according to the old method).
In January-November 2019, the growth rate of the fat-and-oil industry was the most profound (+ 26.8%) among other NNE industries. High rates compared to that for 11 months of 2018 were also demonstrated by the meat and dairy industries (+ 25.5%), food and processing industries (+ 11.9%). Light industry exports grew by 7.6%; pharmaceuticals, perfumes and cosmetics - by 7%. Fish and seafood industry growth (+ 3.6%) was caused by an increased supply of crabs. There was a slight increase in the export of metallurgical products and precious metals (+ 0.3%), as well as in mechanical engineering products (+ 0.2%).
Negative export dynamics in monetary terms was demonstrated by the chemical industry (-1.4%). That was largely caused by a drop in prices for almost the entire range of oil and gas chemical products. Timber exports decreased by 6.6%, being affected by negative market factors, i.e. some enterprises restrained export and accumulated reserves due to low prices for raw materials. A decrease in grain exports (-23.9%) occurred against the background of the above mentioned high base of wheat supply in 2018, as well as due to a decrease in the volume and prices for barley.
Top 10 countries that import Russian NNE commodities in January-November 2019:
At the end of 2019, the Ministry of Industry adjusted the methodology for calculating export indicators as some chemical and petrochemical commodities, which had not been previously considered, were added to NNE indicators. Therefore, the indicators of 2018 were recalculated. According to the results for 11 months of 2018, the volume of NNE in monetary terms amounted to $ 137.7 billion ($ 134.92 billion according to the old method). The total volume of NNE amounted to $ 154.2 billion by the end of 2018 ($ 151.4 billion according to the old method).
In January-November 2019, the growth rate of the fat-and-oil industry was the most profound (+ 26.8%) among other NNE industries. High rates compared to that for 11 months of 2018 were also demonstrated by the meat and dairy industries (+ 25.5%), food and processing industries (+ 11.9%). Light industry exports grew by 7.6%; pharmaceuticals, perfumes and cosmetics - by 7%. Fish and seafood industry growth (+ 3.6%) was caused by an increased supply of crabs. There was a slight increase in the export of metallurgical products and precious metals (+ 0.3%), as well as in mechanical engineering products (+ 0.2%).
Negative export dynamics in monetary terms was demonstrated by the chemical industry (-1.4%). That was largely caused by a drop in prices for almost the entire range of oil and gas chemical products. Timber exports decreased by 6.6%, being affected by negative market factors, i.e. some enterprises restrained export and accumulated reserves due to low prices for raw materials. A decrease in grain exports (-23.9%) occurred against the background of the above mentioned high base of wheat supply in 2018, as well as due to a decrease in the volume and prices for barley.
Top 10 countries that import Russian NNE commodities in January-November 2019:
- China (12.52 billion; +14.2%)
- Kazakhstan (11.09 billion; +11.5%)
- Belarus (9.69 billion; +3.4%)
- Turkey (7.09 billion; +9.2%)
- Netherlands (6.98 billion; +22.1%)
- United Kingdom (6.3 billion; +196%)
- USA (6 billion; -11%)
- Egypt (4.7 billion; -4%)
- Germany (4.22 billion; -10.5%)
- Ukraine (3.93 billion; -11.1%).