The ruble-denominated income from exports of Russian metals and metal products has doubled following the sanctions period, tools and cutlery being among the most popular items.
Russian metal exporters’ annual revenue has surged from RUR 1.3 trln ($19.9 bln) to 2.8 trln ($42.8 bln) since 2013, the FinExpertiza international audit and consulting network reported. In dollar terms, a 9 percent increase was recorded. Suppliers of ferrous metals and metal products accounted for two-thirds of the earnings. The remaining groups of products yielded a total of RUR 518.76 bln ($7.9 bln). Analysts point out that aluminum, copper, and products made from these metals have shown the highest revenue growth.
A record was set by knives, forks and tools, with sales turnover surging more than six-fold in ruble terms. Last year alone, the exports of Russian appliances and cutlery made of non-precious metals amounted to RUR 50 bln ($765.5 mio). The biggest supplies went to Algeria.
This is a second industry, apart from energy, that is setting export records, largely due to the devaluation of the ruble. However, the slight increase in foreign currency earnings suggests a growing popularity of this type of Russian goods abroad.