According to the data of the Central Bureau of Statistics, in March 2024, the value of exports of goods in actual prices decreased by 18.8%, while the value of imports decreased by 17%. The decrease in the value of exports and imports on a year-on-year basis is still partially attributable to the decrease in prices.
this year in March, on an annual basis, for the twelfth month in a row, the export value of mineral products continued to decrease significantly, which had a significant impact on the overall decline in export value. The export value of wood and its products, electrical appliances and equipment, as well as grain crops also decreased significantly. Exports of mechanisms and devices and land vehicles decreased more moderately. On the other hand, the export of vegetable, animal and vegetable fats and oils, as well as organic chemical compounds, increased.
In March, exports to EU countries. The value of exports decreased more rapidly to Lithuania and Finland (both mineral products), Sweden (furniture, mixed chemical products), Spain (cereals) and the Netherlands (mixed chemical products, wood). On the other hand, exports increased to Hungary (mineral products) and Belgium (organic chemical compounds).
In March, exports to the CIS countries also decreased sharply – by 25.4%. Exports to Russia decreased sharply (mechanisms, electrical devices and equipment), to a lesser extent – to Kazakhstan (beverages, electrical devices and equipment). A large part of all exports to Russia is still made up of exports of beverages. Shoes, clothes and accessories and pharmaceutical products are also exported, as well as other goods not included in the list of sanctions.
In March, exports to other countries also decreased significantly – by 25%. In this group of countries, the value of exports decreased to Turkey (iron and steel), Ukraine (mineral products, undecipherable goods) and the United Kingdom (wood), Nigeria and Morocco (both cereals). On the other hand, the value of exports increased to Namibia, Algeria (cereals to both) and Egypt (wood).
In March, on an annual basis, similar to exports, the decrease in the value of imports was mostly determined by the decrease in the value of imports of mineral products. It has been shrinking since February 2023. Imports of land vehicles, mechanisms and devices and electrical appliances and equipment also decreased significantly. On the other hand, the import of railway vehicles and their parts increased.
In general, in the first quarter of this year, the export of goods in actual prices was 8.9% lower than a year ago, while the import of goods decreased by 12 percent during this time.
Export growth is expected to remain weak in the coming months; positive export growth will return in the middle of the year. Growth will continue to be limited by external demand and geopolitical uncertainty. In this situation, it is essential for merchants to continue looking for new supply opportunities and markets for goods.
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