Winners and losers in terms of trade lottery for Russian industry

Russian manufacturing industrial development in late 2014 – early 2015 has been splitted: depending on the output dynamics industries may be divided into two groups. One group (the “losers”) shows a stagnating dynamics in spite of the substantial price growth caused by the exchange rate pass-through, whereas the other group (the “winners”) has a positive dynamics with the compatible price growth. The main characteristics for that splitting are the import dependence and export orientation. Industries that depend heavily on imports and supply products only to domestic market suffer most.