European exports to Russia fell to 100 000 in 2016
- European exports to Russia have collapsed since 2012. Two reasons for this:
1/ The Russian market as a whole has collapsed since 2012 from 2.94 million that year to 1.43 million in 2016, a fall of more than 50% in four years. The economic sanctions against Russia have been largely responsible for the collapse of the Russian market, but it is also worth mentioning the fall in the price of oil, which has further depleted the Russian economy, already severely affected by the sanctions.
2/ The Russian government has encouraged Russian customers to buy cars manufactured in Russia and to boycott cars manufactured abroad and imported into Russia. This message was heard as the fall in imports reached 70% in four years, from 1.0 million in 2012 to 0.3 million in 2016. And the fall in European imports was even more important as it surpassed 80% in four years, from 560 000 in 2012 to 100 000 in 2016.
- With the re-start of the Russian market observed in 2017, Inovev expects a slow and gradual recovery of imports from Europe, but which will remain imperceptible this year. It won’t be until 2018 and 2019 that this recovery in imports becomes really significant. The main winner is Russian production, which supplies 85% of the Russian market in 2017, compared with 79% in 2016, 75% in 2015, and 70% in 2014.
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