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Imports to Russia Fall 39%

The recession in Russia combined with the addition currency crisis has led to imports in dollar amounts falling significantly in the first eight months of the year, compared to the same period last year. 

Between January and August of this year, Russia imported $103.9 billion worth of goods. This compares to $170.3 billion worth of goods in the same period of last year.

Some of the falls in imports were as a direct result of the food embargo placed on many European food products by the Kremlin. Indeed, this is represented in statistics to the European Union. Imports from the EU have fallen 45% over the first seven months of 2015, compared to the same period last year.

Within the EU, countries such as Lithuania and Estonia have suffered most, with exports to Russia suffering 55.5% and 57.1% respectively.

Trade with China, which Russia has being trying to bolster, has been hit hard also. Imports from China are down 34.1% during the first seven months of 2015, compared to the same period last year.

Some items that have seen increases in terms of dollar value include; vegetable oil, tobacco, cotton and pork.

Russian import substitution plans have failed to take off as the Kremlin hoped, with high interest rates dampening the business investment environment in the country.

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