Failure is explained by drop in investment and consumer demand in Russia
In the first quarter of 2014 trading volume between the countries of the Customs Union on a year-to-year basis lowered by 12,6%, The Kommersant (КоммерсанЪ) reports.
Excluding fuels and energy products which share makes up 32,9%, the trading index decreased by 9,2%. Mutual trade between Russia, Kazakhstan and Belorussia sank more significantly, as compared with volume of trade with other countries (-2,1%). Meantime, the pace of decline appears to be faster than in the first quarter of 2013 (-5,5%). Since the project launch - opening of the unified customs zone in July 2011 that entailed removal of the most of customs impediments and unification of laws of trade, the counties of the Customs Union reported a break-neck growth of trade turnover in the first quarter of 2012 — by 21%, reaching 7,5% at year-end. But this was overlain within two years when it reported a drop: as compared with the first quarter of 2011, the trading volume between the countries in the similar period of 2014 reduced by 0,03%.
The Eurasian Economical Commission’s statistics shows: in the first quarter - an increase only in reciprocal delivery of goods between Belorussia and Kazakhstan — by 12,8%; however, their share in mutual trade within the Customs Union’s area added up to 1,5%. The trade volume between Kazakhstan and the Russian Federation fell by 13% (the share is 30,8%), while between Russia and Belorussia it lowered by 7,3% (with share averaged 67,7%), correspondingly.
