Russia Trade Balance November 2021


Russia: Merchandise exports continue to soar in November

January 17, 2022

Merchandise exports soared 62.4% annually in November, marking yet another month of marked growth (October: +62.8% year-on-year). Meanwhile, merchandise imports climbed 22.6% in annual terms in November, largely in line with October’s +22.5% increase.

As a result, the merchandise trade balance improved from the previous month, recording a USD 21.1 billion surplus in November (October 2021: USD 19.8 billion surplus; November 2020: USD 7.4 surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 174.2 billion surplus in November, compared to the USD 160.5 billion surplus in October.

FocusEconomics panelists forecast that exports will grow 6.6% in 2022 and imports will increase 6.9%, bringing the trade surplus to USD 183.0 billion. In 2023, FocusEconomics panelists expect exports will fall -0.6%, while imports will rise 4.7%, thus the trade surplus will grow to USD 165.0 billion.


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Russia Trade Balance Chart

Russia Trade12m November 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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