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In the first nine months of 2004, Russia's foreign trade turnover amounted to $191.7 billion with a surplus of $58.2 billion
In the first nine months of 2004, Russia's foreign trade turnover amounted to $191.7 billion with a surplus of $58.2 billion, says the monitoring report of Russian Ministry of Economic Development and Trade circulated on Wednesday. As compared to the same period of 2003, Russia's foreign trade turnover has increased 26.9% in January-September 2004. In the same period, commodity exports reached $124.9 billion, and imports $66.8 billion. In September, export-import figures were $15.2 billion and $8.3 billion respectively. The surplus of the balance of trade stood at $58.2 billion, including $51.4 with other countries, and $6.8 billion with the CIS nations. In January-September 2004, Russia's export to non-CIS countries accounted to $103.8 billion, which is 27.8% more than in January-August 2003. "Russia's export structure continues to rely on the mineral wealth," the monitoring report says. For example, the trade structure of exports to non-CIS countries included 57.3% of fuel and energy products in January-August 2004, which is 3.6% less than in the same period of 2003. "Russian export growth exceeds world export growth. But only due to increasing supplies of and prices for raw materials, while the world export expands due to the manufacturing industry, particularly hi-tech products of engineering and electronics," the report says. Russia's import from non-CIS countries stood at $52.5 billion in January-September 2004 and increased by 23% in 2003. In January-August 2004, the commodity structure of imports from non-CIS countries (according to the federal customs service), cars, equipment and transport vehicles continued to dominate with their share reaching 45.1% of the entire imports (a 5.2% increase on the same period of 2003). The ministry notes that its trade policy was aimed at assisting sustained and comprehensive growth of the Russian economy, its further diversification,encouragement of direct foreign investment, and providing non-discriminatory conditions for Russian goods and services' access to foreign markets. "The transparency of the Russian economy was maintained, among other things, due to the gradual decrease in the tariff and non-tariff protection, goal-oriented work to facilitate customs procedures and customs infrastructure," the monitoring report runs
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