Central regions | Finance, business | Technology & innovation
Russian tech exports increase, but remain “insignificant”
5 Aug '19
Technology exports from Russia increased by 19% to a total of $1.4bn in 2018 while technology imports declined 7.3% to $3.1bn, the Higher School of Economics (HSE) found in its new study, reported by the U.S.-Russia Business Council.
Although Russia spent more on technology imports than it earned from exporting its technologies, the deficit contracted to $1.7bn in 2018 from $2.1bn in 2017. In 2001-2018, technology exports from Russia increased 5.8 times while imports increased 7.7 times.
In 2018, engineering services comprised nearly half of Russia’s foreign trade in technologies. The HSE noted that developed economies’ share in Russia’s technology exports increased to 58.9% in 2018 from 40% in 2013. In 2018, the United States was the largest importer of Russian technologies and related services ($224.3m) and the second largest exporter of technologies to Russia ($420.1m) after Germany ($505.4m).
Although the total volume of Russia’s foreign trade in technologies increased from less than $1.0bn in 2001 to $4.5bn in 2018, the HSE described its volume as relatively insignificant. The Organization of Economic Cooperation and Development ranked Russia 27th among the world’s nations in terms of foreign trade in technologies in 2015, the most recent data available.