Value of Polish exports to Russia down nearly 40 percent say analysts

The value of Polish exports to Russia fell by almost 40 percent from January to November, 2002, analysts from the Polish Economic Institute (PIE) said on Thursday.

In a PIE report on the economy, experts added that the decline in exports had occurred despite a general increase in the total value of Polish exports and prices.

PIE analysts also wrote that as a result of sanctions on Russia following its invasion of Ukraine, Russian trade with EU countries in the same eleven-month period fell by 37 percent.

Restrictions on the sale of energy resources and problems in purchasing high-tech components had hit the Russian economy hardest, PIE continued.

The Russian government, however, was trying to create new supply networks to meet the needs of its economy, said the experts adding that several countries had increased their exports to Russia.

"The largest supplier to Russia is China with an increase of 13 percent to USD 7.71 billion," said the report PIE.

It added that the value of exports from countries cooperating with Russia within the Eurasian Economic Union (EEU) - Belarus, Kazakhstan, Kyrgyzstan, Armenia and Kyrgyzstan – had also increased.