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Ukraine-Russia trade volume fell by $98 bln in last three years

Ukraine-Russia trade volume fell by $98 bln in last three yearsThe volume of trade between Ukraine and Russia, earlier considered as the largest trading partner of the country, in 2012-2015 fell by a total of $98 billion mainly due to the introduction of illegal and discriminatory trade restrictions, Ukraine reported in a review of trade policy, submitted to the World Trade Organization.

"The decrease in volumes of metal supplies and products thereof, as well as mineral products triggered the decline in exports to the EU countries.

However, the share of exports to the EU still increased from 22.3% in 2012 to 34.1% in 2015," reads the report posted on the website of the Ministry of Economic Development and Trade.

According to the document, the share of exports to Russia decreased from 24.3% to 12.7% in 2015.

Read also: Goods turnover between Ukraine and Russia 57.8% down in Jan

The report states Ukraine's economy is characterized with a high export dependency (in 2014 goods and services exports amounted to 48.6% of GDP) which causes the growth of the economy dependency from the foreign economic conditions.

According to the State Statistics Service, trade in goods between Ukraine and Russia peaked in 2011: exports totaled $19.82 billion, while imports $29.13 billion, while over the next four years they were falling rapidly.

In particular, exports of goods in 2012 fell by 11% and imports by 5.9%, while in 2013 their fall accelerated to 14.5% and 15.3% respectively, in 2014 the figures reached 35% and 45.4%.
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