BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/17
The EU is by far Russia’s largest trading partner both in services and goods. The EU accounted for nearly 40 % of Russia’s services exports last year and nearly half of services imports. The services trade is partly related to FDI, which is why one of Russia’s main trading partners is Cyprus. The share of Asian countries and especially China, is notably smaller in Russian services trade than goods trade, only about 10 %. The Eurasian Customs Union countries accounted for 8 % of Russian services exports and 3 % of services imports.
Russia’s top export services are transportation services and miscellaneous business services such as consulting and engineering services. The largest import category by far is travel services, but the share of miscellaneous business services is also significant. Russian imports of travel services contracted by nearly a third last year to $35 billion.