Imports of machinery and equipment (+42% g./g.) maintained high growth rates on the background of gradual recovery of domestic investment demand (thus, according to Rosstat, in Q1, investment rose by 2.3% g/g, which was significantly better than in Q4 2016).

Imports of aircraft and vessels increased by more than 2 times, electrical equipment - by more than 50%. Growth is also observed in the food segment. Note that if the rate of growth of imports of non-seasonal types of products (meat, milk, fish) especially, do not change, the import of fruit and vegetable production in June rose sharply (by 26% m/m versus 4.5% m/m in average from the beginning of the year). A similar surge is atypical for this time of year, and, obviously, unfavourable weather conditions in the country that shifted the harvest of fruits and vegetables this year in July-August. In turn, the drop-down deliveries was offset by importation.

In the future, we expect continuation of growth of imports against the background of gradual recovery of domestic demand (consumer and investment), as well as maintain a stable exchange rate of the ruble. Note that due to the high share of imports in consumption, it is much more sensitive to the recovery in domestic demand than production (given the presence of intermediate goods such as building materials, on the one hand, and the effect of deferred import demand in the presence of relatively strong exchange rate, on the other).

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