In the second half of the year, Russian companies again began to buy foreign equipment. This suggests that the process of import substitution in the sector of investment goods slowed up, experts believe, Russian Academy of national economy and public equipment.
For investment goods is various production equipment, vehicles and construction machinery. Russian producers of such goods, primarily automobiles and components, received a small competitive advantage due to the devaluation of the ruble.
From January 2014 to September 2016, the ruble weakened by about 25%, the statistics of the Bank of Russia. This has led to higher prices for imported goods and reduce imports. Many companies had to buy cheaper equipment and components, explained in the Ranepa. In fact, they switched to Russian products or products from cheaper countries.
For example, in December 2015, compared with July 2013 increased the share of trucks imported to Russia from Thailand. All less imported cars from the US and UK, which are especially strongly risen due to the devaluation.
Since the third quarter of 2014 to the fourth quarter of 2015 as a whole saw a decline in the share of imports of vehicles and components. Here and there was a process of import substitution, which stopped as soon as began to grow, the ruble.
The share of imports of different machines and equipment in General for several years remained at 30%, but recently this proportion began to rise again. It also suggests that the process of import substitution has been suspended.
The real exchange rate of the ruble began to rise in the beginning of this year. This has led to lower prices in rubles, and the imports of investment goods started to increase again at the end of the first half of 2016. In fact, to fix even the smallest successes of import substitution in Russian companies did not work, I believe in Ranepa.
“Short-term advantage gained by a number of industries from the fall of the ruble and the imposition of sanctions and counter-sanctions, has not been matched by transformations which would be the basis for sustainable growth in the medium and long term,” write the experts.
Re-start the process of import substitution, according to experts of the Ranepa, could the weakening of the currency or the introduction of various restrictions on trade in certain goods.
