Imports to Russia May Exceed Forecasts
The volume of non-seasonal goods imported to Russia has been growing for three months in a row, according to the bulletin ‘Comments on State and Business’ prepared by the NRU HSE. The results of the year show that total annual imports may exceed the $249 billion forecast by the Central Bank and reach between $250 and $253 billion.
As the document states, the import of goods in August this year was $22 billion, according to the external balance method. Seasonally-adjusted import has been growing for three months in a row. However, it remains below the annual maximum. The monthly growth in June was 0.6%, in July – 2.5%, and in August – 0.6%.
Experts believe that the weakening of the rouble in August was kept in check by the rates of growth. If the last months` trend is preserved and the exchange rates remain stable, the total annual sum of imports could reach $253 billion.
The import of food items grew in August (we have already reported that bananas remain the staple in the ‘fruit bowl’ of Russians). The same is true of chemical products, textiles, and footwear imported from other countries. At the same time, the import of engineering goods has decreased. Only the import of chemical products continues to grow, and has reached its five years` maximum.