Imports from EU countries to Russia in the period from March to December 2022 collapsed by 53.4% compared to the period a year earlier. In the fourth quarter, the collapse was 50.4%, reports spydell_finance telegram channel with reference to the calculations of the European center for the study of economics Bruegel.
Meanwhile, imports from the United States “almost zeroed out.” The fall for March-December 2022 in terms of year-on-year amounted to 85%. The same number in the fourth quarter. Imports from the UK fell by five times. In addition, deliveries from Japan and South Korea have been seriously reduced.
The experts note that in aggregate the leading “unfriendly” countries reduced their supplies to Russia by 55% from March to December and by 51% in the fourth quarter of last year.
They are trying to compensate for the fall with supplies from “friendly” states. Thus, imports from China grew by 8.5% from March to December and by 18.9% in the fourth quarter. And Turkey is breaking records: from March to December, deliveries increased by 68%, and in the fourth quarter – by 104%.
At the same time, India had practically no effect on deliveries. This is due to the fact that the country is not a trade hub and practically does not have the range of goods necessary for Russia.
Exports of all types of goods from Russia to “unfriendly” countries from March to December 2022 fell by 13% year-on-year, and in the fourth quarter the fall accelerated by 47%. Deliveries to the UK have been almost completely zeroed out.
Export flows are intercepted by “old friends” in the face of China, India and Turkey. In March-December, supplies to India increased by 430% (!), to China – by 44%, and to Turkey – by 98%.
Losses due to the reduction of Russian exports to “unfriendly” countries in the period from February to December 2022 are estimated at $19 billion per month. And the “neutral countries” were able to compensate only 7.2 billion dollars. “Accordingly, integrally friendly countries have not been able to intercept all export flows, despite the aggressive redirection of flows to Asia and Turkey, and there are no other major customers,” the economists add.
It became known yesterday that US President Joe Biden decided to introduce 200% duties on imports of aluminum products made in Russia from March. He also ordered increase duties on the import of certain metals, minerals and chemical products to the United States from the Russian Federation for a total of $ 2.8 billion.
