SOVIET OIL EXPORT VOLUME, REVENUES SLIDE

Sharply lower revenues from exports of crude oil and refined petroleum products were instrumental in creating a record negative trade balance for the U.S.S.R. last year and in forcing Moscow to fall behind in payments for goods bought abroad. Official data show Soviet crude exports fell from 2.546 million b/d valued at 13.075 billion rubles in 1989 to 2.172 million b/d worth 10.669 billion rubles in 1990. The U.S.S.R.'s sales of refined products to foreign customers dropped from 1.148

June 10, 1991

3 min read

Official data show Soviet crude exports fell from 2.546 million b/d valued at 13.075 billion rubles in 1989 to 2.172 million b/d worth 10.669 billion rubles in 1990.

The U.S.S.R.'s sales of refined products to foreign customers dropped from 1.148 million b/d worth 5.66 billion rubles in 1989 to 1 million b/d valued at 5.1 billion rubles last year.

Soviet exports of coal and electrical power also slipped, cutting the U.S.S.R.'s foreign trade revenues further. The proportion of fuel and electricity in overall Soviet exports eased to 53.1% in 1990 from 54.2% in 1989 on the basis of comparable prices.

Moscow reported the total value of 1990 exports was 60.9 billion rubles vs. 68.8 billion rubles in 1989 and 72.7 billion rubles in 1985. Imports declined from 72.1 billion rubles in 1989 to 70.7 billion rubles last year.

The U.S.S.R.'s exports to the U.S. rose from 528 million rubles in 1989 to 556 million rubles in 1990. But imports from the U.S. slumped from 2.865 billion rubles in 1989 to 2.154 billion rubles last year.

The Soviet Union's unprecedented 1990 trade deficit of 9.8 billion rubles compared with a 3.3 billion ruble deficit in 1989 and a 3.3 billion ruble favorable trade balance in 1985.

FIRST QUARTER 1991

Moscow reported the Soviet Union's foreign trade situation deteriorated further in first quarter 1991 and reflected the nation's overall economic plight. Total foreign trade volume in January-March fell 34% from the same 1990 period, with exports down 18% and imports off by 45%. The U.S.S.R,'s crude exports fell by about 45% vs. first quarter 1990. Sales of coal and electricity to foreign countries were also down sharply from first quarter 1990.

Moscow said the U.S.S.R.'s first quarter 1991 foreign trade results constituted "a crisis unprecedented in peacetime." Many contracts with foreign customers were not fulfilled, with the Soviet Union's severe shortage of hard currency playing a major role. Complaints from other countries regarding Moscow's delays in paying for imported goods have increased greatly. Since last November, unpaid debts to foreign partners for goods already delivered have been $3-5 billion.

"The nation has lost its good reputation as a trading partner," the Soviet newspaper Izvestia declared. "One would like to believe that this trust hasn't been lost completely."