Poland's exports to Russia decreased by around 7.3% y/y to 2/17bn since the beginning of the year till Mar 18, according to the data presented by vice-premier and minister of economy Janusz Piechocinski. The data also stand for a worsening of around 4.8pps as compared to the January-February exports, he added.
According to recently presented data by national stats office GUS, in January, exports to Russia fell by 4.1% y/y to USD 0.70bn (it constituted 4.0% of Poland's total exports at that time vs. 4.5% a year earlier).
Piechocinski assesses that exports' slowdown is a result of downward trends in the Russian economy, amplified by the crisis related to Ukraine. Also, the weakening Rubble (as of the beginning of the year) is an anti-imports factor, which is proved by the Russian customs authorities, he elaborated. According to Russian data, imports from outside the Commonwealth of Independent States (CIS) was down by 7.8% on the year.
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