Expert: Growth in imports caused by rising incomes of rich Russians

The global economy rules igry10-05-2007 According to statistics cited by the Federal Customs Service in Russia earlier this year sharply increased imports from foreign countries. Thus, from January to April the volume of imports compared to the same period last year increased by almost 56 percent. Experts note that the import growth rate increases since early 2006. Currently, the largest share in imports occupy machinery and equipment (51,7%), foodstuffs (16.3%) and products of chemical industry (15,1%). According to FCS significantly increased purchases of cars, alcohol, tobacco, meat, fish, dairy products, and perfumes and cosmetics. At the same time reduced the import of sugar and pharmaceuticals. According to analysts, the increase in imports is not something threatening to the economy. As told Pravde.Ru Deputy Director of the Department of Asset Management Allianz ROSNO Asset Management, Mikhail Kazakov, rapid growth of imports is not a purely Russian phenomenon is characteristic of many developing economies in the recovery phase. "In the consumer segment, growth in imports caused by rising incomes well-off society, the expansion of demand from them for quality goods. In the segment of capital goods imports increased due to large-scale investment companies, procuring advanced equipment to upgrade and expand its manufacturing base ", - said Kazakov. Mikhail Kazakov also noted that import growth in Russia is not yet cause for concern, because reducing trade surplus is accompanied by an increase in the surplus on capital account. "But we must remember that the redirection of consumer demand in the foreign markets in any case means missed opportunities for domestic manufacturers," - said the expert. Lily Subin