ULAN-UDE, July 9 (RIA Novosti) - The total value of Russian exports will drop by $190 billion in 2009, while imports will decrease by $100 billion, the country's finance minister said on Thursday.

"Export revenues will decline by $190 billion," Alexei Kudrin said at an international economic conference on the role of Siberia and the Far East in global development.

Kudrin said this was due to lower demand and falling prices for Russia's exports, which are primarily oil, gas and commodities.

The minister urged the government to encourage diversification in the economy.

Russian exports halved in the first five months of this year, according to Kudrin. He also said forecasts for the Russian economic development were currently based on expected low demand for Russian gas, oil and primary commodities.

The Federal Statistics Service said in February that exports were worth $471.8 billion in 2008, with imports totaling $292 billion.