In 2007, the share of underground imports was reduced to 10.5 percent, and its absolute value was reduced as well, from $27.2 billion to $23.4 billion.
Photo: Ïàâåë Ñîëîâüåâ
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Customs Service Effectiveness Growing
Comparison of Russian Central Bank and Customs Service data on imports and exports shows less divergence between the agencies. For the first time, the difference has been reduced in both relative and absolute terms. This is indicative of a reduction in underground imports. According to Central Bank data released yesterday, exports grew by 16.9 percent last year, compared to 2006, to $355.18 billion. Imports grew by 35.4 percent to $223.06 billion. The balance of trade surplus shrank by 5.1 percent.
The Central Bank and Ministry of Economic Development and Trade had forecast much lower indicators for the year, but 2007 exports surged because of high fuel prices and imports increased along with personal incomes.
The main difference in the computational methodology of the Central Bank and Federal Customs Service is that the Bank's data include underground imports. Thus, when the customs service estimates imports in 2007 at $199.71 billion, and the Central Bank at $223.06 billion, an estimate of underground imports can be made at $23.4 billion. Central Bank Chairman Sergey Ingnatyev used that methodology to conclude, speaking before the Association of Russian banks in April of last year, that underground imports had been reduced from 21 percent of the total in 2005 to 16 percent in 2006.
In 2007, the share of underground imports was reduced to 10.5 percent, and its absolute value was reduced as well, from $27.2 billion to $23.4 billion. Another curious fact from last year is that December imports, traditionally the highest of the year, peaked at a lower level than the year before. In December 2006, imports were 44.2 percent higher than the monthly average, while imports in December 2007 were only 34.4 percent higher than that indicator.
www.kommersant.com
All the Article in Russian as of Feb. 12, 2008
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