Russia Trade Balance September 2021


Russia: Merchandise exports rise at a milder rate in September

November 12, 2021

Merchandise exports grew 47.0% over the same month last year in September (August: +85.3% year-on-year). September’s reading marked the weakest softest since March. Meanwhile, merchandise imports climbed 24.8% on an annual basis in September (August: +30.6% yoy), marking the weakest result since February 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 20.0 billion surplus in September (August 2021: USD 17.1 billion surplus; September 2020: USD 10.5 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 149.2 billion surplus in September, compared to the USD 139.7 billion surplus in August.

FocusEconomics panelists forecast that exports will grow 4.4% in 2022 and imports will increase 7.0%, bringing the trade surplus to USD 160.0 billion. In 2023, FocusEconomics panelists expect exports will expand 3.0%, while imports will rise 4.9%, thus the trade surplus will grow to USD 159.0 billion.


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Russia Trade Balance Chart

Russia Trade12m September 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Central Bank of the Russian Federation (Bank of Russia).

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