RUSSIA’S FOREIGN TRADE IN March 2014

In March 2014, Russia’s foreign trade turnover calculated on the basis of methods of the balance of payments amounted to $74bn which is 1.1% higher than the 2013 index. However, in general in the 1st quarter of 2014 the last year’s trend of reduction of the Russian foreign trade turnover prevailed. The export has fallen due to a drop in contract prices with insignifi cant growth in physical volumes. On the contrary, the import has decreased due to reduction of physical volumes with weak growth in contract prices. It is to be noted that an advanced reduction of import is observed and as a result there is growth in the trade balance surplus. The European Union has started a new trade dispute with the Russian Federa?? on within the frameworks of the World Trade Organization calling for a cancellation of the anti dumping duties – introduced in 2013 – on import of German and Italian light commercial vehicles.