BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION. Moscow

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1 2017 BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION Moscow

2 This publication has been prepared by the Statistics and Data Management Department of the Central Bank of the Russian Federation. Fax: If you intend to use the published materials, reference to the Central Bank of the Russian Federation (Bank of Russia) is mandatory. This publication is posted on the official website of the Central Bank of the Russian Federation at the address: under the directory of «Statistics. Macroeconomic Financial Statistics. External Sector Statistics». Balance of payments and other materials on external economic activities of the Russian Federation including methodological commentaries are published in the monthly publication «Bank of Russia Statistical Bulletin», as well as on the official website of the Central Bank of the Russian Federation under the directories of «Statistics. Macroeconomic Financial Statistics. External Sector Statistics» and «Statistics. IMF Special Data Dissemination Standard (SDDS)». Advance information on future data releases of external sector statistics is posted under the directory of «Statistics. Official Statistics Release Calendar».

3 Legal Basis for Compilation of Balance of Payments, International Investment Position, and External Debt Statistics The legislative and legal basis for compilation of balance of payments, international investment position, and external debt statistics is set out in: - Federal Law of July 10, 2002 No. 86-FZ (as amended) «On the Central Bank of the Russian Federation (Bank of Russia)»; - Federal Law of November 29, 2007 No. 282-ФFZ (as amended) «On Official Statistical Accounting and the System of State Statistics in the Russian Federation»; - Federal Law of December 2, 1990 No (as amended) «On Banks and Banking Activity»; - Federal Law of July 27, 2006 No. 149-FZ (as amended) «On Information, Information Technologies, and Protection of Information»; - Resolution of the Government of the Russian Federation of September 26, 1997 No «On Adherence of the Russian Federation to the IMF s Special Data Dissemination Standard»; - Order of the Government of the Russian Federation of May 26, 2008 No. 671-р (as amended on September 23, 2017) «On Approval of the Federal Plan of Statistical Works».

4 CONTENTS Balance of payments, international investment position, and external debt of the Russian Federation in Analytical commentary BALANCE OF PAYMENTS Table 1.1. Balance of payments of the Russian Federation in Standard components.. 19 Table 1.2. Balance of payments of the Russian Federation in Main components.. 28 Table 1.3. Balance of payments of the Russian Federation in Analytical presentation.. 30 Table 1.4. Net imports/exports of capital by private sector in (balance of payments data) Table 1.5. Current account of the balance of payments of the Russian Federation in , seasonally adjusted Table 1.6. Main components of the current account of the balance of payments of the Russian Federation in , seasonally adjusted EXTERNAL MERCHANDISE TRADE Table 2.1. External merchandise trade of the Russian Federation in (balance of payments methodology).. 34 Table 2.2. Exports of goods from the Russian Federation by country group and major trade partner country in Table 2.3. Imports of goods in the Russian Federation by country group and major trade partner country in Table 2.4. Commodity composition of merchandise trade balance of the Russian Federation in EXTERNAL TRADE IN SERVICES Table 3.1. External trade of the Russian Federation in services within the Extended Balance of Payments Services Classification in Table 3.2. External trade of the Russian Federation in services by country group in Table 3.3. Exports of services of the Russian Federation under the Travel item in by principal region. 43 Table 3.4. Imports of services by the Russian Federation under the Travel item in by principal region.. 44 Supplement 3.1. Review of travel-related services exports and imports in

5 4. CROSS-BORDER TRANSACTIONS OF INDIVIDUALS Table 4.1. Cross-border transfers of individuals (residents and nonresidents) in Table 4.2. Cross-border remittances via money transfer operators in Table 4.3. Cross-border transfers of resident individuals in 2017 in breakdown by purpose.. 57 Table 4.4. Cross-border transfers of individuals (residents and nonresidents) in Q by major counterparty country Table 4.5. Cross-border remittances via payment systems in Q by major counterparty country Table 4.6. Personal remittances in Table 4.7. Personal remittances from the Russian Federation to CIS in Table 4.8. Personal remittances to the Russian Federation from CIS in INTERNATIONAL INVESTMENT POSITION Table 5.1. International investment position of the Russian Federation in Main components Table 5.2. International investment position of the Russian Federation in Standard components Table 5.3. Currency composition of foreign assets and liabilities of the banking sector of the Russian Federation in Table 5.4. International investment position in international reserves of the Russian Federation in EXTERNAL DEBT Table 6.1. External debt of the Russian Federation in Table 6.2. External debt of the Russian Federation in 2017 (by maturity and financial instrument) 72 Table 6.3. External debt of the Russian Federation in 2017 (in national and foreign currency by maturity) Table 6.4. Payment schedule of the external debt of the Russian Federation as of December 31, 2017: principal debt Table 6.5. Payment schedule of the external debt of the Russian Federation as of December 31, 2017: interest.. 75 Table 6.6. International investment position for external debt of the Russian Federation in Table 6.7. General government external debt of the Russian Federation. Actual payments in Table 6.8. External debt sustainability ratios of the Russian Federation in

6 7. SUPPLEMENTARY MATERIALS TO EXTERNAL SECTOR STATISTICS Supplement 7.1. List of principal changes introduced in the balance of payments data of the Russian Federation for preceding periods Supplement 7.2. List of principal changes introduced in the external debt of the Russian Federation data for preceding periods Minor discrepancies between the total and the sum of components in some tables are due to the rounding of data. Symbols - the phenomenon is absent data not available

7 BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION, AND EXTERNAL DEBT OF THE RUSSIAN FEDERATION IN 2017 BALANCE OF PAYMENTS OF THE RUSSIAN FEDERATION In 2017, strengthening of the current account of the balance of payments took place against the background of improved market prices for Russia s major export commodities. In line with cessation of the outflow of previously attracted foreign investment, it stimulated net lending of the rest of the world in the form of direct investment and international reserves (unlike the 2016 situation, when it was mostly in the form of reduced liabilities). The surplus in the current account in 2017 totaled $35.2 billion (against $24.4 billion in 2016). Growing surplus in the current account resulted from the strengthening of the trade balance against the background of a moderate widening of deficits under other components. Main Components of the Current Account In (billions of US dollars) ,3 71,3 33,4 57,5 67,7 24,4 35, Balance on merchandise trade Balance on primary and secondary income Balance on trade in services Balance on current account Merchandise exports increased to $353.0 billion, gaining 25.2% on the 2016 outcome. Exports dynamics was shaped, mostly, by growing supply values under the influence of the price factor. Exports deflator index reached 1.23, with the outpacing price growth rates for petroleum products (gaining 33.1%) and crude oil (rising by 27.7%). As a result of the year, the combined price index for four main fuel and energy products 1 stood at the level of Higher world prices for other Russia s export commodities (growing by 1 Crude oil, petroleum products, natural gas, and liquefied natural gas. 6

8 18.5%) were the key underlying factor of rising exports values. Merchandise exports increased in natural terms by 2.2% which was the result of non-energy products exports, whilst physical volumes of hydrocarbons supplies remained at the level close to the 2016 outcome. Merchandise Exports in (billions of US dollars, per balance of payments methodology) ,4 527,4 521,8 496, ,4 353, , Crude oil Petroleum products Natural gas Other Exports The positive dynamics in terms of value was registered under all commodity groups of merchandise exports. The largest growth (by 27.2%) reaching $211.4 billion resulted from fuel and energy products exports, whose share in merchandise exports rose to 59.2% (from 58.2% in the preceding year). Supplies of ferrous and nonferrous metals, including the products thereof, gained 29.4% growing to $37.3 billion, with their weight in the total rising to 10.4%. Exports of machinery and equipment widened by 14.9% to $28.1 billion, representing 7.9% of the total (against 8.6% in the preceding year). Exports of food products and raw materials for their production increased by 21.3% to $20.7 billion, contributing 5.8% to the total (against 6.0% share in the preceding year). Exports of chemicals gained 15.0% totaling $23.9 billion while the group s share declined to 6.7% (from 7.3%). Despite a substantial increase of the values of energy supplies, the share of the European Union member, remaining major consumers thereof, fell by 1 percentage point to 44.7% in geographical composition of exports. At the same time, the share of exports to APEC economies grew to 24.2% (from 23.6%). The contribution of EAEU also increased reaching 9.4% (from 9.0%). Most of supplies volumes were accounted for by China (10.9%), the Netherlands (10.0%), Germany (7.2%), Belarus (5.2%), and Turkey (5.1%). 7

9 Merchandise imports grew in 2017 totaling $238.0 billion, gaining 24.2% on the 2016 outcome. Imports dynamics was stipulated by increased by 16.8% physical volumes of supplies, as well as by growing prices for imported goods by 6.4%. Merchandise Imports in (billions of US dollars, per balance of payments methodology) 400,0 350,0 300,0 318,6 335,8 341,3 307,9 250,0 238,0 200,0 193,0 191,6 150,0 100,0 50,0 0, Rebounding economic situation in the Russian Federation was conducive to the growth by 28.1% in imports of investment goods (machinery, equipment, and transport vehicles) reaching $110.3 billion. The group s share in imports composition rose to 48.6% against 47.2% in The largest contribution was made by increased supplies of equipment, and also those of means of ground transport. Metals supplies grew by 36.9%, which led to their share increasing to 6.9% (from 6.3%). Against the background of outpacing growth in machinery and metals imports, shares of other commodities in imports composition, mostly, fell. Thus, despite rising imports of chemicals and products of related industries by 19.0% to $40.3 billion, the group s share declined to 17.7% from 18.6% in the preceding year. Imports of food products and raw materials for their production gained 15.1% reaching $28.8 billion, whereas the group s contribution declined to 12.7% (from 13.7%). Geographic distribution of merchandise imports did not change much from the 2016 outcome, with APEC economies accounting for 40.4%, EU for 38.3%, EAEU for 7.7%. Russia s most important trading partners were China (21.2%), Germany (10.7%), the United States of America (5.5%), Belarus (5.2%), and Italy (4.5%). 8

10 Russia s Major Trading Partner - Countries (billions of US dollars) Merchandise Exports Merchandise Imports CHINA GERMANY NETHERLANDS BELARUS ITALY USA TURKEY KOREA, REPUBLIC OF JAPAN KAZAKHSTAN Deficit in the balance on external trade in services widened by 29.3%, reaching $31.1 billion due to more substantial growth of the volume of services imports. Exports of services increased to $57.8 billion, or by 14.4%. Value of transport services grew to $19.8 billion against $17.1 billion in The increase of rendered Travel services by $1.2 billion to $8.9 billion was explained by the growing dollar equivalent of nonresidents expenses related to their stay in Russia. Increased demand for other services provided to nonresidents reaching $29.1 billion (against $25.6 billion in 2016) resulted, mainly, from construction, and computer services. Imports of services grew to $88.9 billion, or by 19.2%. The indicator s dynamics was shaped by the outpacing rebound in residents spending registered under the Travel item (growing by 29.7% to $31.1 billion), primarily, due to the growing number of Russia s citizens trips abroad. Imports of other services in 2017 expanded to $43.4 billion against $38.8 billion in 2016, mostly, in the segment of architectural, engineering, and other technical services, and also in the charges for the use of intellectual property. The volume of services provided by foreign transport companies increased to $14.5 billion (from 11.8 billion) caused by residents demand for air transport services. 9

11 Composition of Services Exports and Imports in 2017 (% of the total) Services Exports Services Imports 29% 27% 16% 34% 22% 15% 22% 35% Transport services Travel Other business services Other services The negative balance on compensation of employees widened by one quarter, reaching $2.3 billion. The amount of compensation of employees paid to nonresidents grew from $5.5 billion to $6.4 billion due to the increasing dollar equivalent of their wages, while the number of migrants employed for less than one year in the economy of the Russian Federation declined. Compensation of employees receivable by Russia s citizens working abroad reached $4.1 billion (against $3.7 billion in the preceding year). Deficit in the balance on investment income widened from $33.7 billion to $37.3 billion. The outpacing growth in income payable led to the expansion of the negative balance on other sectors investment income to $37.7 billion from $36.9 billion in the preceding year. The surplus in the balance on investment income of the banking sector shrank to $0.9 billion from $3.4 billion in 2016 due to the fall in receipts from nonresidents. Deficit in the balance on the secondary income account in 2017 gained $2.9 billion, reaching $9.2 billion, which resulted from the growing personal transfers for the benefit of nonresidents. Capital account was practically balanced. Net lending to the rest of the world, reflected in the financial account (excluding reserve assets), totaled in 2017 $16.1 billion (against $10.9 billion), and it was shaped by the buildup of foreign assets. External liabilities expanded by $1.2 billion (in 2016 году the reduction amounted to $6.2 billion). Foreign liabilities of general government increased by $15.1 billion (against $4.5 billion in 2016), primarily, as a result of nonresidents acquisition of Russian ruble-denominated sovereign securities on the secondary market. An increase in central bank s external liabilities by $1.3 billion (against the outcome of $0.4 billion in 2016) was shaped by repo transactions with nonresident banks. Net decrease in liabilities of the private sector in 2017 totaled $15.2 billion (against $11.1 billion in the preceding year). 10

12 Meanwhile, foreign liabilities of the banking sector declined by $29.3 billion (against $27.1 billion in 2016). In contrast, external liabilities of other sectors gained $14.1 billion (against $16.0 billion in 2016). Direct investment grew by $26.4 billion (against $30.9 billion in 2016). As a result of transactions with financial instruments of Russia s issuers, their value in foreign investors portfolios decreased by $4.5 billion while the 2016 aggregate was close to zero. Net-repayment of external loans by other sectors shrank to $8.6 billion (the 2016 outcome amounted to $13.6 billion). 150 Net Incurrence of Liabilities by Residents by Investment Category in (billions of US dollars) Direct investment Portfolio investment Financial derivatives Other investment Minus sign «-» denotes net reduction of residents foreign liabilities. Financial assets, excluding reserve assets, in 2017 increased by $17.3 billion (against $4.6 billion in 2016). Foreign claims of general government and central bank gained $3.1 billion (against $0.9 billion in 2016). Net-increase in financial assets of the private sector 2 in 2017 totaled $13.4 billion (against $2.8 billion in 2016). Foreign assets of banks declined by $4.4 billion against $28.3 billion in Net acquisition of financial assets by other sectors 2 decreased to $17.8 billion (from $31.1 billion). An almost two-time increase in investment in foreign assets in the form of direct investment reaching $37.8 billion was shaped, primarily, by contributions to the equity of foreign companies. The volume of cash foreign currency resulting from transactions between residents and nonresidents shrank by $6.0 billion (against $4.7 outcome in 2016), which was related, inter alia, to growing imports of Travel services. 2 Excluding indebtedness on supplies under intergovernmental agreements. 11

13 The size of fictitious transactions 3 has not materially changed and stood at the level of $0.4 billion. Net Acquisition of Financial Assets by Residents exclusive of reserve assets, by investment category in (billions of US dollars) Direct investment Portfolio investment Financial derivatives Other investment Minus sign «-» denotes net reduction of residents foreign assets. Net private sector capital outflows in the reporting year amounted to $24.8 billion (against $18.4 billion in 2016), which was caused by the reduction in foreign liabilities of the banking sector while the influence of other sectors transactions remained neutral. INTERNATIONAL RESERVES OF THE RUSSIAN FEDERATION International reserves of the Russian Federation in the course of 2017 increased from $377.7 billion to $432.7 billion. The increase of international reserves resulting from transactions recorded in the balance of payments totaled $22.6 billion (against $8.2 billion a year before), which was stipulated both by acquisition of foreign currency on the domestic market within the framework of the mechanisms of budgetary policy, associated with preparation of the transition to new budgetary rules, and by repayment of earlier contracted loans by Russia s credit organizations. 3 Fictitious transactions include those with the attributes of fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents, and money transfers to residents' own accounts abroad with the purpose of cross border money transferring. 12

14 Positive exchange rate and market revaluation in the amount of $24.8 billion was shaped under conditions of weakening US dollar on international FOREX markets and corresponding increase of the dollar equivalent of reserve assets denominated in other currencies, and also due to growing gold prices. The value of monetary gold as of December 31, 2017 stood at $76.6 billion. The stock of gold gained $16.5 billion in value terms representing a 27.3% increase, which was determined by a cumulative effect of positive revaluation (by $7.4 billion) with a record replenishment of Bank of Russia holdings in physical terms (by $9.0 billion). The share of gold in international reserves grew from 15.9% at the beginning of the year to 17.7% at the year end. As of December 31, 2017 the volume of international reserves was sufficient to cover financing of imports of goods and services during 16 months (as of December 31, 2016 the cover was 17 months). INTERNATIONAL INVESTMENT POSITION OF THE RUSSIAN FEDERATION Volume of foreign assets of the Russian Federation as of December 31, 2017 totaled $ billion, gaining in the course of 2017 $108.4 billion, or 8.8%. The changes were determined, mostly, by a positive revaluation in the amount of $53.0 billion against the background of weakening exchange rate of the US dollar vis-à-vis other currencies. Due to transactions external assets grew by $39.9 billion. Reserve assets increased by $55.0 billion reaching $432.7 billion, direct investment abroad gained $52.8 billion totaling $470.9 billion. Portfolio investment remained virtually unchanged amounting to $73.9 billion. Within other investment, totaling $358.8 billion as of December 31, 2017, growth of other sectors balances on deposit and in cash foreign currencies compensated lower claims on nonresidents under other financial instruments. External liabilities of the Russian Federation totaled as of December 31, 2017 $ billion as compared with $ billion as of December 31, The growth was mainly due to the positive revaluation of $54.0 billion. Direct investment liabilities gained $57.5 billion over the year reaching $535.2 billion. Portfolio investment from abroad grew by $14.8 billion, amounting to $230.8 billion, which was caused by foreign investment in Russian sovereign securities along with reduced liabilities under equity instruments. Other investment liabilities declined by $18.4 billion to $302.9 billion, resulting from the reduction of indebtedness of the banking sector to nonresidents on deposits. In the course of 2017 the outpacing growth of foreign assets led to an increase of the net international investment position of the Russian Federation by $56.3 billion, or by 26.6%, to $267.8 billion. 13

15 Changes in International Investment Position in (billions of US dollars) Assets Liabilities Changes: resulting from transactions resulting from revaluation resulting from other changes Composition of International Investment Position as of Assets Liabilities 32% 21% 11% 9% 6% 27% 29% 13% 18% 35% 3% 50% 2% Direct investment Portfolio investment Reserve assets Other investment Currency and deposits Loans Other categories 14

16 EXTERNAL DEBT OF THE RUSSIAN FEDERATION External debt of the Russian Federation as of December 31, 2017 totaled $518.9 billion, increasing from the beginning of the year by $7.2 billion, or by 1.4%. The positive contribution of revaluations of $14.7 billion related mostly to the weakening of US dollar vis-à-vis other currencies in the international markets exceeding the debt reduction as a result of transactions (by $2.3 billion) and other changes (by $5.2 billion). Within the composition of external indebtedness, the share of liabilities of general government and central bank grew reaching 13.5% (from 10.0% as of December 31, 2016), banks and other sectors accounted for 86.5% (against 90.0%). Indebtedness to direct investors and direct investment enterprises included within the debt of the private sector represented 28.7% against 27.7% in the preceding year. Debt of the public sector broadly defined 4 totaled $253.8 billion remaining virtually unchanged during the year. External debt of the private sector increased by 2.1%, or by $5.5 billion reaching $265.1 billion. External Debt of the Russian Federation (billions of US dollars, end of period) 800,00 700,00 600,00 500,00 400,00 300,00 200,00 100,00 0,00 General government Central bank Banks Other sectors Indebtedness of federal government increased by $16.7 billion reaching $55.6 billion. Liabilities adopted by the Russian Federation as a successor of the former USSR contracted by $0.3 billion. Within the composition of the new Russia s debt, growth was registered both in the segment of sovereign debt negotiable instruments denominated in Russian rubles (by $13.7 billion), and in securities denominated in foreign currency 4 In detailed analytical presentation of external debt data additional grouping is used for institutional sectors: public sector broadly defined includes external indebtedness of general government, central bank, and also of those banks and nonbank corporations in which general government and central bank directly or indirectly own 50 percent and more of the equity or control them otherwise. Debt liabilities to nonresidents of other residents that do not fall under this definition are classified as external debt of the private sector. 15

17 (by $3.4 billion). External debt liabilities of local government of the Russian Federation have not practically changed amounting to $0.2 billion. Payments to repay and service external debt of general government grew to $4.4 billion (from $3.6 billion in 2016). Indebtedness of central bank totaled $14.5 billion against $12.1 billion at the beginning of the year. The gain resulted primarily from short-term indebtedness under repo transactions ($1.9 billion). Of the total amount of central bank s debt, liabilities to the IMF on Special Drawing Rights (SDRs) allocated to the Russian Federation accounted for 55.8%; indebtedness under repo transactions with nonresidents represented 31.0%; Russian rubles in cash, accounts and deposits held by nonresidents contributed $13.2%. External debt of the banking sector contracted in the course of 2017 by $16.0 billion totaling $103.4 billion, its share in combined indebtedness as of December 31, 2017 stood at 19.9%. Banks and Other Sectors External Debt Composition (as of December 31, 2017) Banks Other sectors 87,8% 53,6% 41,8% 4,4% 2,4% 0,2% 5,2% 1,1% 2,3% 1,2% Debt liabilities to direct investors and direct investment enterprises Current accounts and deposits (without participation in equity) Credits, including trade credits Debt securities Indebtedness on financial leases Other investment External indebtedness of other sectors amounted to $345.2 billion (against $341.1 billion as of December 31, 2016). Indebtedness to affiliated foreign entities grew by $7.9 billion reaching $144.3 billion both as a result of transactions associated, inter alia, with receipt of funds from Eurobond placements, and due to the positive revaluation. The change in indebtedness to foreign portfolio investors from $6.0 billion to $7.9 billion was the result of increased demand of nonresidents for debt securities of Russian issuers. Liabilities under loans and deposits fell by $6.3 billion to $181.5 billion. The weight of other sectors debt in the total composition of external indebtedness remained in the course of 2017 virtually unchanged and as of December 31, 2017 stood at 66.5%. 16

18 External Debt of the Russian Federation in breakdown by economic sector and maturity (billions of US dollars) ,1 18, ,1 31,0 321,9 326,6 0 0,3 38,8 0,3 55,5 4,4 6,4 7,6 8,1 92,3 72,3 General government Central bank Banking sector Other sectors Long-term liabilities as of Short-term liabilities as of Long-term liabilities as of Short-term liabilities as of Growth of debt was observed mainly in the segment of short-term liabilities changing from $51.0 billion to $56.3 billion in the course of 2017, their share reached 10.9% of the combined indebtedness (against 10.0% at the beginning of the year). The buildup of indebtedness with less than one year maturity was to a considerable extent driven by foreign liabilities of state-owned banks. Insignificant positive dynamics of long-term liabilities was shaped by the growth by $6.4 billion of the private sector s indebtedness, on one hand, and by the contraction by $4.5 billion of the debt of the public sector broadly defined, on the other. Within the currency composition, growth of liabilities was related to indebtedness denominated in Russian rubles. The main factors underlying the latter were acquisition of sovereign securities by nonresidents and increasing liabilities of the private sector to direct investors and direct investment enterprises. The weight of domestic currency in total volume of external debt reached 26.5% (from 21.6% at the beginning of 2017). As of December 31, 2017, according to international criteria, the debt burden on Russia s economy remained moderate with the external debt-to-gdp ratio declining to 33% (from 40% at the beginning of 2017), with general government s external debt liabilities-to-gdp ratio rising to 4% (from 3% at the beginning of 2017). 17

19 60,0 External Debt of the Russian Federation Sustainability Indicators Dynamics (as of the end of the period) 6,0 40,0 in percent 20,0 32,1 26,3 29,0 31,8 31,8 32,6 30,4 28,8 29,5 32,4 35,9 37,7 39,0 41,3 40,9 39,5 37,5 36,0 34,8 32,9 4,0 2,0 thousands of US dollars 10,4 8,6 9,3 10,2 10,1 10,3 9,2 8,6 7,3 8,8 9,0 9,3 9,7 10,9 10,5 10,3 10,9 10,5 10,2 8,7 0,0 0,0 External debt payments/gdp (left scale) External debt/gdp (left scale) External debt per capita (right scale) 18

20 Table 1.1 Balance of Payments of the Russian Federation in 2017 Standard Components The presentation of Russia's balance of payments data is prepared by the Bank of Russia in accordance with the standard components recommended in the 6th edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6) and is used to report country's data to the IMF. A few of the standard components remain in Russia's circumstances either insignificant or are not captured in the data collection for the time being. The standard BPM6 presentation employs a commonly accepted use of the mathematical signs "+" and "-" to denote respectively net increase and net decrease of financial assets and liabilities. The negative sign is not used in the curren t and capital accounts for representing imports of goods and services, as well as primary and secondary income payable and capital transfers payable. The sum of the balances on the current and capital accounts represents the net lending "+" or net borrowing "-" by the economy with the rest of the world. This is conceptually equal to the net balance on the financial account. The residual difference between the sum of net lending/net borrowing derived from the financial account, on one hand, and the same item derived from the current and capital accounts, on the other, is stated in the balance of payments as net errors and omissions item. Reserve assets are presented as standard components of the financial account. Q Q Q Q Current account Credit Debit Goods and services Credit Debit Goods Credit Debit General merchandise on a balance of payments basis Credit Debit Net exports of goods under merchanting Goods acquired under merchanting Goods sold under merchanting Services Credit Debit Manufacturing services on physical inputs owned by others Credit Debit Goods for processing in reporting economy Goods returned (credit), Goods received (debit) Credit Debit Goods for processing abroad - Goods sent (credit), Goods returned (debit) Credit Debit Maintenance and repair services Credit Debit Transport Credit Debit Passenger Credit Debit Freight Credit Debit Other Credit Debit Sea transport Credit Debit Passenger Credit Debit

21 Table 1.1 Q Q Q Q Freight Credit Debit Other Credit Debit Air transport Credit Debit Passenger Credit Debit Freight Credit Debit Other Credit Debit Other modes of transport Credit Debit Passenger Credit Debit Freight Credit Debit Other Credit Debit Postal and courier services Credit Debit Travel Credit Debit Business Credit Debit Personal Credit Debit Construction Credit Debit Construction abroad Credit Debit Construction in the reporting economy Credit Debit Insurance and pension services Credit Debit Direct insurance Credit Debit Reinsurance Credit Debit Auxiliary insurance services Credit Debit Financial services Credit Debit Explicitly charged and other financial services Credit Debit Financial intermediation services indirectly measured (FISIM)

22 Table 1.1 Q Q Q Q Credit Debit Charges for the use of intellectual property Credit Debit Telecommunications, computer, and information services Credit Debit Telecommunications services Credit Debit Computer services Credit Debit Information services Credit Debit Other business services Credit Debit Research and development services Credit Debit Professional and management consulting services Credit Debit Technical, trade-related, and other business services Credit Debit Personal, cultural, and recreational services Credit Debit Audiovisual and related services Credit Debit Other personal, cultural, and recreational services Credit Debit Government goods and services n.i.e Credit Debit Primary income Credit Debit Compensation of employees Credit Debit Investment income Credit Debit Direct investment Credit Debit Income on equity and investment fund shares Credit Debit Dividends and distributed profits Credit Debit Direct investor in direct investment enterprises Credit Debit Reinvested earnings Credit Debit Interest Credit Debit

23 Table 1.1 Q Q Q Q Direct investor in direct investment enterprises Credit Debit Direct investment enterprises in direct investor (reverse investment) Credit Debit Between fellow enterprises Credit Debit Portfolio investment Credit Debit Investment income on equity and investment fund shares Credit Debit Dividends on equity excluding investment fund shares Credit Debit Investment income attributable to investment fund shareholders Credit Debit Dividends Credit Debit Interest Credit Debit Short-term Credit Debit Long-term Credit Debit Other investment Credit Debit Interest Credit Debit Reserve assets (Credit) Interest (credit) Other primary income Credit Debit Rent Credit Debit Secondary income Credit Debit General government Credit Debit Current taxes on income, wealth, etc. (credit) Of which: payable by border, seasonal, and other short-term workers Social contributions (credit) Of which: payable by border, seasonal, and other short-term workers (credit) Social benefits (debit) Current international cooperation Credit Debit Miscellaneous current transfers of general government Credit Debit Financial corporations, nonfinancial corporations, households, and NPISHs Credit Debit Personal transfers (Current transfers between resident and nonresident households) Credit Debit

24 Table 1.1 Q Q Q Q Of which: Workers' remittances Credit Debit Other current transfers Credit Debit Current taxes on income, wealth, etc.(debit) Net nonlife insurance premiums Credit Debit Nonlife insurance claims Credit Debit Current international cooperation Credit Debit Miscellaneous current transfers Credit Debit Of which: Current transfers to NPISHs Credit Debit Capital account Credit Debit Gross acquisitions (debit) / disposals (credit) of nonproduced nonfinancial assets Credit Debit Capital transfers Credit Debit General government Credit Debit Debt forgiveness Credit Debit Other capital transfers Credit Debit Financial corporations, nonfinancial corporations, households, and NPISHs Credit Debit Debt forgiveness Credit Debit Other capital transfers Credit Debit Net lending (+) / net borrowing (-) (balance from current and capital accounts) Financial account Net lending (+) / net borrowing (-) (balance from financial account) Direct investment Net acquisition of financial assets Equity and investment fund shares Equity other than reinvestment of earnings Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown Reinvestment of earnings Debt instruments Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises

25 Table 1.1 Q Q Q Q if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown Of which: Debt securities Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown Net incurrence of liabilities Equity and investment fund shares Equity other than reinvestment of earnings Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown Reinvestment of earnings Debt instruments Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown Of which: Debt securities Direct investor in direct investment enterprises Direct investment enterprises in direct investor (reverse investment) Between fellow enterprises Portfolio investment Net acquisition of financial assets Equity and investment fund shares Central bank Deposit-taking corporations, except central bank General government Other sectors Other financial corporations Nonfinancial corporations, households, and NPISHs Equity securities other than investment fund shares Investment fund shares or units Debt securities Central bank Short-term Long-term Deposit-taking corporations, except central bank Short-term Long-term General government Short-term Other sectors Short-term Long-term Other financial corporations Short-term Long-term Nonfinancial corporations, households, and NPISHs Short-term Long-term Net incurrence of liabilities Equity and investment fund shares Deposit-taking corporations, except central bank General government

26 Table 1.1 Q Q Q Q Other sectors Other financial corporations Nonfinancial corporations, households, and NPISHs Equity securities other than investment fund shares Investment fund shares or units Debt securities Central bank Short-term Deposit-taking corporations, except central bank Short-term Long-term General government Short-term Long-term Other sectors Short-term Long-term Other financial corporations Short-term Long-term Nonfinancial corporations, households, and NPISHs Short-term Long-term Financial derivatives (other than reserves) and employee stock options Central bank Deposit-taking corporations, except central bank Other sectors Other financial corporations Nonfinancial corporations, households, NPISHs Financial derivatives (other than reserves) Options Forward-type contracts Net acquisition of financial assets Central bank Deposit-taking corporations, except central bank Other sectors Other financial corporations Nonfinancial corporations, households, NPISHs Financial derivatives (other than reserves) Options Forward-type contracts Net incurrence of liabilities Central bank Deposit-taking corporations, except central bank Other sectors Other financial corporations Nonfinancial corporations, households, NPISHs Financial derivatives Options Forward-type contracts Other investment Net acquisition of financial assets Net incurrence of liabilities Other equity Net acquisition of financial assets Net incurrence of liabilities Currency and deposits Net acquisition of financial assets Central bank Short-term Deposit-taking corporations, except central bank Of which: Interbank positions Short-term Long-term General government Other sectors Short-term Other financial corporations Short-term

27 Table 1.1 Q Q Q Q Nonfinancial corporations, households, NPISHs Short-term Net incurrence of liabilities Central bank Short-term Deposit-taking corporations, except central bank Of which: Interbank positions Short-term Long-term General government Other sectors Short-term Other financial corporations Short-term Loans Net acquisition of financial assets Central bank Deposit-taking corporations, except central bank Short-term Long-term General government Credit and loans with the IMF (other than reserves) Other short-term Other long-term Other sectors Short-term Long-term Other financial corporations Short-term Long-term Nonfinancial corporations, households, and NPISHs Short-term Long-term Net incurrence of liabilities Central bank Credit and loans with the IMF Other short-term Other long-term Deposit-taking corporations, except central bank Short-term General government Credit and loans with the IMF Other short-term Long-term Other sectors Short-term Long-term Other financial corporations Short-term Long-term Nonfinancial corporations, households, and NPISHs Short-term Long-term Insurance, pension, and standardized guarantee schemes Net acquisition of financial assets Central bank Deposit-taking corporations, except central bank General government Other sectors Other financial corporations Nonfinancial corporations, households, NPISHs Nonlife insurance technical reserves Life insurance and annuity entitlements Net incurrence of liabilities Central bank Other sectors Other financial corporations Nonfinancial corporations, households, NPISHs

28 Table 1.1 Q Q Q Q Nonlife insurance technical reserves Life insurance and annuity entitlements Trade credit and advances Net acquisition of financial assets General government Short-term Other sectors Short-term Nonfinancial corporations, households, and NPISHs Short-term Net incurrence of liabilities General government Other sectors Short-term Nonfinancial corporations, households, and NPISHs Short-term Other accounts receivable/payable Net acquisition of financial assets Central bank Short-term Deposit-taking corporations, except central bank Short-term Long-term General government Short-term Other sectors Short-term Other financial corporations Short-term Nonfinancial corporations, households, NPISHs Short-term Net incurrence of liabilities Central bank Deposit-taking corporations, except central bank Short-term Long-term General government Short-term Other sectors Short-term Other financial corporations Short-term Nonfinancial corporations, households, NPISHs Short-term Special drawing rights (Net incurrence of liabilities) Reserve assets Monetary gold Special drawing rights Reserve position in the IMF Other reserve assets Currency and deposits Claims on monetary authorities Claims on other entities Securities Debt securities Short-term Long-term Other claims Net errors and omissions

29 Table 1.2 Balance of Payments of the Russian Federation in Main Components Q Q Q Q Q Q Q Q Current account Goods and services Exports Imports Goods Exports Imports Services Exports Imports Primary income Receivable Payable Compensation of employees Receivable Payable Investment income Receivable Payable Rent Receivable Payable Secondary income Receivable Payable Capital account assets Capital transfers Receivable Payable Net lending (+) / net borrowing (-) (Balance from current and capital accounts)

30 Table Q Q Q Q Q Q Q Q Net lending (+) / net borrowing (-) (Balance from financial account) Direct investment Net acquisition of financial assets Net incurrence of liabilities Portfolio investment Net acquisition of financial assets Net incurrence of liabilities Financial derivatives Net acquisition of financial assets Net incurrence of liabilities Other investment Net acquisition of financial assets Other equity Foreign currency Current accounts and deposits Loans Insurance, pension, and standardized guarantee schemes Trade credit and advances Indebtedness on supplies according to intergovernmental agreements Fictitious transactions* Other accounts receivable Net incurrence of liabilities Other equity Domestic currency Current accounts and deposits Loans Insurance, pension, and standardized guarantee schemes Trade credit and advances Other accounts payable Special drawing rights Reserve assets Net errors and omissions * Includes fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents and fictitious transactions with money transfers to residents' accounts abroad the purpose of which is cross-border money transferring. 29

31 Balance of Payments of the Russian Federation in 2017 Analytical Presentation Q Q Q Q Memorandum: 2016 Current account Goods Exports oil oil products natural gas liquefied natural gas other Imports Services Exports transport travel other services Imports transport travel other services Compensation of employees Investment income Receivable Payable General government Receivable Payable Local government (payable) Central bank Receivable Payable Banks Receivable Payable Other sectors Receivable Payable Rent Secondary income Capital account Net lending (+) / net borrowing (-) (Balance from current and capital accounts) Net lending (+) / net borrowing (-) (Balance from financial account, excluding reserve assets) Net incurrence of liabilities ('+' - increase, '-' - decrease) Federal government Portfolio investment Issue Redemption Interest reinvestment Secondary market Loans Other liabilities Local government Central bank Banks Direct investment Loans and deposits Other liabilities Other sectors Direct investment Portfolio investment Loans Other liabilities Net acquisition of financial assets, excluding reserve assets ('+'- increase, '-'- decrease) General government Loans Other assets Central bank Banks Direct investment Loans and deposits Other assets* Other sectors Direct investment Portfolio investment Cash foreign currency* Trade credit and advances Indebtedness on supplies according to intergovernmental agreements Fictitious transactions** Other assets Net errors and omissions Change in reserve assets ('+' - increase, '-' - decrease) * In order to harmonize the presentation of the Balance of Payments (BOP) and the International Investment Position (IIP) the data on foreign currency in the BOP does not include transactions between residents recorded under Other changes in the IIP. ** Includes fictitious transactions related to foreign trade in goods and services, securities trading, lending to nonresidents and fictitious transactions with money transfers to residents' accounts abroad the purpose of which is cross-border money transferring. Table

32 Table 1.4 Net Inflows/Outflows of Capital by Private Sector in (Based on the Balance of Payments Flows Data) Net inflows / outflows of capital by private sector, total (2+5) Net inflows / outflows of capital (3-4) Banks Other sectors Net acquisition of financial assets Net incurrence of liabilities Net inflows / outflows of capital (6-7-8) Net acquisition of financial assets* Net incurrence of liabilities billions of US dollars "Net errors and omissions" of balance of payments** ,4 27,5 35,3 7,8 53,8 104,1 58,9-8, ,9-7,9 25,3 33,3 61,8 91,2 39,8-10, ,3 17,3 37,7 20,4 43,0 128,3 94,2-8, ,1 86,0 48,5-37,5 66,1 73,9-0,2 8, ,0 34,2-25,8-60,0 22,8 18,8-7,3 3, ,4-1,1-28,3-27,1 19,6 31,1 16,0-4, ,8 24,9-4,4-29,3-0,1 17,8 14,1 3,8 Q1, ,8 14,2-10,3-24,5 18,7 8,4-7,5-2,8 Q2, ,5 12,6 1,7-10,9 5,9 4,8-2,0 0,8 Q3, ,5 10,9-4,3-15,2-14,4-1,4 8,8 4,2 Q4, ,1-3,5-12,9-9,4 12,6 7,0-6,7 1,1 Q1, ,3-2,3-9,9-7,6 10,6 7,3-0,5-2,8 Q2, ,4 0,2-4,4-4,6-0,6 6,0 4,9 1,7 Q3, ,0-0,6-8,3-7,7 1,7 0,4-2,5 1,2 Q4, ,5 1,6-5,6-7,3 7,9 17,3 14,1-4,6 Q1, ,4 17,6 13,6-3,9-1,2-4,2-3,7 0,7 Q2, ,5 9,2-2,5-11,7-10,7 6,1 12,9 3,9 Q3, ,5-8,5-16,3-7,8 9,0 11,0 2,7-0,8 Q4, ,4 6,6 0,8-5,8 2,8 4,9 2,1 0,0 * The indebtedness on supplies of goods according to intergovernmental agreements is excluded. ** The item "Net errors and omissions" entirely relates to the other sectors. It could be explained by the fact that most noticeable difficulties arise upon the recording of financial transactions undertaken by these sectors in the balance of payments. Note. Sign "+" denotes an outflow of capital, sign "-" implies an inflow. 31

33 Table 1.5 Current Account of the Balance of Payments of the Russian Federation in Seasonally Adjusted Current account Trade balance Services balance Primary income Secondary balance income balance Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

34 Table 1.6 Main Components of the Current Account of the Balance of Payments of the Russian Federation in Seasonally Adjusted Goods Services Primary income Secondary income Exports Imports Exports Imports Receivable Payable Receivable Payable Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

35 Table 2.1 External Merchandise Trade of the Russian Federation in (under Balance of Payments Methodology) Exports of goods (FOB) Imports of goods (FOB) Trade balance Total of which: Total of which: Total of which: % of corresponding period of previous year with non-cis % of corresponding period of previous year with CIS % of corresponding period of previous year % of corresponding period of previous year with non-cis % of corresponding period of previous year with CIS % of corresponding period of previous year with non-cis with CIS , , , , , , Q1, , , , , , , Q2, , , , , , , Q3, , , , , , , Q4, , , , , , , January , , , , , , February , , , , , , March , , , , , , April , , , , , , May , , , , , , June , , , , , , July , , , , , , August , , , , , , September , , , , , , October , , , , , , November , , , , , , December , , , , , , , , , , , , Q1, , , , , , , Q2, , , , , , , Q3, , , , , , , Q4, , , , , , , January , , , , , , February , , , , , , March , , , , , , April , , , , , , May , , , , , , June , , , , , , July , , , , , , August , , , , , , September , , , , , , October , , , , , , November , , , , , , December , , , , , ,

36 Exports of Goods from the Russian Federation by Country Group and Major Trade Partner Country in 2017 Composition, % Growth rates, % of the preceding year outcome Memorandum: Memorandum: Total 100,0 100, including: CIS 13,4 13, including: EAEU 1 9,4 9, Other 4,0 4, Non-CIS 86,6 86, including: EU 44,7 45, APEC 24,2 23, Other 17,7 17, Memorandum item: OECD* 58,4 58, BRICS 13,3 12, Major trade partner : NETHERLANDS 10,9 9, CHINA 10,0 10, GERMANY 7,2 7, BELARUS 5,2 5, TURKEY 5,1 4, ITALY 3,9 4, KOREA, REPUBLIC OF 3,5 3, KAZAKHSTAN 3,5 3, JAPAN 3,2 3, UNITED STATES OF AMERICA 3,0 3, POLAND 2,9 3, UNITED KINGDOM 2,4 2, FINLAND 2,4 2, UKRAINE 2,2 2, FRANCE 1,6 1, SWITZERLAND 1,1 1, Memorandum: Total exports, billions of US dollars (Federal Customs Service data) 357,1 285,8 * OECD include Latvia from 1 July Table

37 Imports of Goods from the Russian Federation by Country Group and Major Trade Partner Country in 2017 Composition, % Growth rates, % of the preceding year outcome Memorandum: Memorandum: Total 100,0 100, including: CIS 10,8 10, including: EAEU 1 7,7 7, Other 3,1 3, Non-CIS 89,2 89, including: EU 38,3 38, APEC 40,4 40, Other 10,5 10, Memorandum item: OECD* 53,4 53, BRICS 24,1 23, Major trade partner : CHINA 21,2 20, GERMANY 10,7 10, UNITED STATES OF AMERICA 5,5 5, BELARUS 5,2 5, FRANCE 4,5 4, ITALY 4,2 4, JAPAN 3,4 3, KOREA, REPUBLIC OF 3,1 2, POLAND 2,2 2, UKRAINE 2,2 2, KAZAKHSTAN 2,2 2, UNITED KINGDOM 1,8 1, NETHERLANDS 1,7 1, FINLAND 1,6 1, TURKEY 1,5 1, SWITZERLAND 1,0 1, Memorandum: Total imports, billions of US dollars (Federal Customs Service data) 227,0 182,3 * OECD include Latvia from 1 July Table

38 Table 2.4 Commodity Composition of Merchandise Trade Balance of the Russian Federation in 2017 (Federal Customs Service data) Commodity groups billions of US dollars Exports % of total exports billions of US dollars Imports % of total imports Balance on trade for commodity group (exports minus imports), billions of US dollars Memorandum: Balance on trade for commodity group in 2016 (exports minus imports), billions of US dollars Foodstaffs and agricultural raw materials (excluding textile) 20,7 5,8 28,8 12,7-8,1-8,0 Mineral products 215,6 60,4 4,4 1,9 211,1 165,9 of which: fuel and energy products 211,4 59,2 2,1 0,9 209,4 164,6 Chemical products, rubber 23,9 6,7 40,3 17,7-16,4-13,0 Leather raw materials, fur and articles thereof 0,3 0,1 1,1 0,5-0,8-0,6 Wood, pulp-and-paper products 11,8 3,3 3,6 1,6 8,2 6,4 Textiles, textile articles and footwear 1,1 0,3 13,6 6,0-12,5-10,1 Construction materials and goods 1,4 0,4 2,5 1,1-1,1-0,9 Precious stones, precious metals and articles thereof 11,0 3,1 0,6 0,3 10,5 8,5 Ferrous metals and articles thereof 22,2 6,2 10,1 4,5 12,1 9,2 Non-ferrous metals and articles thereof 15,0 4,2 5,5 2,4 9,5 8,2 Machinery, equipment and transport means 28,1 7,9 110,3 48,6-82,2-61,6 Other 6,0 1,6 6,2 2,7-0,2-0,6 Total: 357,1 100,0 227,0 100,0 130,1 103,4 37

39 Table 3.1 External Trade of the Russian Federation in Services within the Extended Balance of Payments Services Classification in 2017 (under Balance of Payments Methodology) Q Q Q Q Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Services Exports Imports Manufacturing services on physical inputs owned by others Exports Imports Maintenance and repair services Exports Imports Transport Exports Imports Passenger services Exports Imports Freight services Exports Imports Other transport services Exports Imports Sea transport Exports Imports Passenger services Exports Imports Freight services Exports Imports Other transport services Exports Imports Air transport Exports Imports Passenger services Exports Imports Freight services Exports Imports Other transport services Exports Imports Other transport Exports Imports Passenger services Exports Imports

40 Table 3.1 Q Q Q Q Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Freight services Exports Imports Other transport services Exports Imports Space transport Exports Imports Rail transport Exports Imports Passenger services Exports Imports Freight services Exports Imports Other transport services Exports Imports Road transport Exports Imports Passenger services Exports Imports Freight services Exports Imports Other transport services Exports Imports Pipeline transport Exports Imports Other supporting and auxiliary transport services Exports Imports Postal and courier services Exports Imports Travel Exports Imports Business travel Exports Imports Personal travel Exports Imports Construction Exports Imports

41 Table 3.1 Q Q Q Q Total with non-cis with CIS Total with non-cis Construction abroad Exports Imports Construction in territiory of the Russian Federation Exports Imports Insurance and pension services Exports Imports Direct insurance Exports Imports Life insurance Exports Imports Freight insurance Exports Imports Other direct insurance Exports Imports Reinsurance Exports Imports Auxiliary services Exports Imports Financial services Exports Imports Explicitly charged and other financial services Exports Imports Financial intermediation services indirectly measured (FISIM) Exports Imports Charges for the use of intellectual property Exports Imports Telecommunications, computer, and information services Exports Imports Telecommunications services Exports Imports Computer services Exports Imports Information services Exports Imports with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS 40

42 Table 3.1 Q Q Q Q Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Total with non-cis with CIS Other business services Exports Imports Research and development services Exports Imports Professional and management consulting services Exports Imports Legal services Exports Imports Accounting, auditing, bookkeeping, and tax consulting services Exports Imports Business and management consulting and public relations services Exports Imports Advertising, market research, and public opinion polling Exports Imports Technical, trade-related, and other business services Exports Imports Operating leasing services Exports Imports Architectural, engineering, and other technical services Exports Imports Waste treatment and depollution, agricultural and mining services Exports Imports Other business services Exports Imports Personal, cultural, and recreational services Exports Imports Audiovisual and related services Exports Imports Other personal, cultural, and recreational services Exports Imports Government goods and services, not included elsewhere Exports Imports

43 Table 3.2 External Trade of the Russian Federation in Services by Country Group in 2017 Q Q Q Q Turnover Exports of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Exports Imports of services Balance Turnover of services Imports of services Balance Total including: CIS including: EAEU Other Services not allocated by country Non-CIS в том числе: EU APEC Other Services not allocated by country Memorandum: OECD BRICS

44 Table 3.3 Exports of Services of the Russian Federation under the Travel Item by Principal Region in Total exports of services including to: CIS % of the total 44% 38% 36% 37% 45% 37% 40% including: EAEU* % of the total 15% 12% 12% 13% 20% 17% 17% Non-CIS % of the total 56% 62% 64% 63% 55% 63% 60% including: EU % of the total 33% 37% 39% 39% 32% 34% 31% APEC % of the total 14% 14% 14% 14% 12% 15% 16% Other % of the total 9% 11% 11% 10% 11% 14% 13% * Until 1 January 2015 EurAsEC. 43

45 Table 3.4 Imports of Services by the Russian Federation under the Travel Item by Principal Region in Total imports of services including from: CIS % of the total 9% 9% 7% 4% 4% 6% 4% including: EAEU* % of the total 2% 2% 2% 2% 2% 4% 3% Non-CIS % of the total 91% 91% 93% 96% 96% 94% 96% including: EU % of the total 46% 44% 47% 48% 47% 53% 48% APEC % of the total 14% 13% 14% 14% 13% 17% 18% Other % of the total 31% 34% 32% 34% 36% 24% 30% * Until 1 January 2015 EurAsEC. 44

46 Supplement 3.1 REVIEW OF EXPORTS AND IMPORTS OF TRAVEL RELATED SERVICES 1 IN 2017 International transactions related to travel are significant components of the balance of payments under the Services part. Their turnover in 2017 totaled $40.0 billion (representing 27.3% of total trade in services turnover). In 2016, a similar aggregate stood at $31.7 billion (accounting for 25.4%). Exports of travel related services amounted to $8.9 billion which exceeded by 14.9% the 2016 outcome. Services provided to the CIS and non-cis residents increased by 24.7% and 9.1% respectively. Exports of Travel Services in (billions of US dollars) 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0, Non- CIS CIS Exports Exports (seasonally adjusted) In 2017, the share of services exports to non-cis in total services exports declined year-onyear by 3.2 percentage points (to 59.6%). 1 Exports and imports of travel related services represent expenses incurred by residents of one country during their stay in the territory of another country. This component encompasses all goods and services acquired for personal needs or for transfer to other persons without quid pro quo. 45

47 Supplement 3.1 Exports of Travel Services by Country Group in (% of the total) 56% 62% 64% 63% 55% 63% 60% 44% 38% 36% 37% 45% 37% 40% Non-CIS CIS Within exports distribution by economic zones, the overwhelming part of transactions continued to be accounted for by the European Union with 30.7% of total travel related services exports (against 34.1% in 2016). Exports of Travel Services by Geographic and Economic Zones (% of the total) % 20% 17% 23% 14% 13% 15% 34% 16% 31% EAEU Other CIS EU APEC Other EAEU Other CIS EU APEC Other 46

48 Supplement 3.1 Top spenders in the territory of the Russian Federation in the reporting period, like in 2016, were citizens of Ukraine, Kazakhstan, Germany, China, and Poland. Countries Major Counterparty - Countries for Exports of Travel Services of the Russian Federation in 2017 Exports, millions of US dollars 2017 as % of 2016 Country share in total exports volume in 2017, % Memorandum item: Share of visitors from the country in the total number of visitors, % Ukraine Kazakhstan Germany China Poland In 2017, business trips represented 47.2% of total travel related services exports (against 43.6% in the preceding year) and 52.8% was the share of personal trips (against 56.4%). At the same time, for the CIS this proportion was 65.4% (against 57.2%) to 34.6% (against 42.8%) respectively, while for non-cis it was 34.8% (against 35.5%) to 65.2% (against 64.5%). The annual dynamics of personal trips and that of business trips of nonresidents to Russia in the course of 2017 differed: in the first half of the year total volume of travel exports was supported by increasing volume of personal trips whilst business trips declined simultaneously. However, starting with the second half of the year, the reduction of the number of trips made by foreign citizens to the territory of Russia both on personal and business purposes had a negative effect on the total volume of travel exports. Growth Dynamics of Travel Services Exports in 2017 (% of corresponding previous year period s outcome) 140,0 138,5 130,0 120,0 125,0 121,2 125,0 123,2 100,0 109,0 110,4 109,3 106,5 102,0 101,9 Q1 Q2 Q3 Q4 Business trips Personal trips Total trips 47

49 Supplement % Exports of Travel Services by Purpose of Trips in (% of the total) 90% 80% 70% % 50% 40% 30% 20% % 0% Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Business Personal Exports of Travel Services by Purpose of Travel in Millions of US dollars Total Business Personal Total Business Personal Exports of services - total including to of: CIS Non-CIS Imports of Travel Services by Country Group in (% of the total) 49% 55% 55% 55% 49% 51% 44% Business 51% 45% 45% 45% 51% 49% 56% 37% 27% 23% 29% 41% 28% 26% Personal 63% 73% 77% 71% 59% 72% 74% Non-CIS CIS 48

50 Supplement 3.1 Imports of Travel services in 2017 amounted to $31.1 billion, which represented an outcome of $30.5 billion (a gain of 30.0% on the 2016 outcome) net of durable goods acquired by household owners of foreign real estate for own needs in the host country without importing them in the territory of the Russian Federation 2. Imports of Travel Services by Region In (billions of US dollars) 20,0 18,0 16,0 14,0 12,0 10,0 8,0 6,0 4,0 2,0 0, Non-CIS CIS Imports Imports (seasonally adjusted) In 2017, the combined volume of imported travel related services was traditionally dominated by non- CIS destinations which recovered to the highest level of 96.2% registered in In accordance with the methodology set out in the sixth edition of the IMF s Balance of Payments and International Investment Position Manual (BPM6), the Travel item includes durable goods acquired abroad by households owning foreign real estate for their own needs in the host country without importing them in the territory of the Russian Federation. Further analysis of Travel services imports excludes the value of the foregoing goods. 49

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