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EAEU increases mutual trade in non-primary non-energy goods amid decline in exports to third countries

EAEU increases mutual trade in non-primary non-energy goods amid decline in exports to third countries

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5/28/2020

Mutual trade in non-primary non-energy goods in the Eurasian Economic Union increased to 9.1 bln dollars or 2.8% in the first quarter of 2020 compared to the same period last year. This information is contained in the analytical investigation made by the Eurasian Economic Commission’s trade unit. 

 

The growth in exports has been registered in all commodity groups, except for metal products. For example, trade in engineering products which accounts for 26.5% of the Union's sales structure has increased by 0.5%. Trade in food products (the share of 22.9%) has increased by 6.6%. Trade in chemical products (its share in the trade structure is 16.5%) has increased by 1.6% as well.

 

The EAEU non-primary non-energy exports to third countries have shown a decrease of 8.2% - it decreased to 25.8 bln dollars in the first quarter of this year. Exports of metal products have decreased most significantly (by 19.6%). This commodity group occupies the largest share in the structure of the EAEU sales to third countries and amounts to 32.7%. A decrease of 14% was registered in the group of chemical products (the share of 20.5%) and an 8.2% decrease was registered for timber and paper products (the share of 9.5%). Along with that, food exports to third countries (the share of 23%) have shown an upward trend and increase of 15.9%. Engineering industry (the share of 9.3%) has increased by 0.3%.

 

"The next quarter of mutual trade in non-primary non-energy goods is unlikely to be in the "green" zone, considering the effects of coronavirus and the general global recession. At the same time, both the structure and dynamics of trade within the Union will remain much more favorable than trade with third countries where this decline can be measured in double digits," Andrey Slepnev, EEC Minister in charge of Trade, believes. "Please note that if trade within the EAEU is likely to go into a negative zone in value terms in view of the market conditions and price terms, the actual volume of supplies will continue growing in contrast to the external boundary".

 

For reference


The share of non-primary non-energy goods in the mutual trade of the EAEU Member States amounted to 73.4% in the first quarter of 2020 (it was 65.4% in January-March 2019). Such goods accounted for 39.5% (37.5%) in the structure of exports to third countries. The index of actual internal trade in non-primary non-energy goods was registered at the level of 24.3% at the end of the first quarter, showing growth in all sectors. Simultaneously, the actual exports of such goods to third countries have increased by only 3.9%, showing a decrease in such groups as metal products and various industrial goods.​