EAEU exports up 1% in Q1 on energy resources, non-commodity exports decline under pressure from interest rate, exchange rate - trade minister

ST. PETERSBURG. June 3 (Interfax) - The countries of the Eurasian Economic Union (EAEU) increased their exports 1% in Q1 2026 due to higher supplies of energy resources, while imports over this period grew 4.5%, including amid an exchange rate favorable to importers, Eurasian Economic Commission (EEC) Trade Minister Andrei Slepnev said in an interview with Interfax.

"We are seeing positive dynamics in the first quarter: exports increased about 1%, imports grew somewhat more strongly - by 4.5% compared to the same period in 2025. This is explained by a number of factors. Regarding exports, of course, the Middle East crisis played a role. World prices for our traditional export goods, for energy resources in particular, rose, and this gave a certain positive contribution to the figures. We can confidently say that if it were not for this situation, we would hardly have seen a positive trend in our exports," he said.

Pressure on exports, among other restrictions, continues to be exerted by the high key interest rate and the strong ruble, Slepnev said. The same factors have a favorable effect on imports: "We see that it is experiencing a stimulating effect from the strong ruble. We are now monitoring the situation and see a significant number of items for which imports are increasing substantially," he said.

Another effect of the Middle East conflict, in addition to increased demand for supplies of traditional export goods, has been a rise in the demand for intra-continental Eurasian logistics routes. "These include Russian routes, the middle corridor, southern routes, and even the Northern Sea Route. A growing flow was already moving along them, and the situation in the Middle East has further intensified it. According to some data, container traffic increased by almost one third in the first quarter of 2026. On the one hand, this is good, but on the other hand, the market is talking about a shortage of containers, rising rates, and imbalances in shipments from east to west and west to east," Slepnev said.

He expressed confidence that market participants' interest in projects related to intra-continental transportation will continue even after the situation in the Middle East is resolved, due to the already formed demand for supply diversification.