Russia Trade Balance November 2020


Russia: Merchandise exports contract at a more moderate rate in November

January 15, 2021

Merchandise exports dived 16.9% over the same month last year in November, easing from October’s 23.8% year-on-year plunge, but marking the 19th consecutive month of contraction. In a similar fashion, merchandise imports fell at a softer rate of 2.3% annually in November (October: -8.8% yoy).

Meanwhile, the merchandise trade balance improved from the previous month, recording a USD 7.1 billion surplus in November (October 2020: USD 6.4 billion surplus; November 2019: USD 12.6 billion surplus). That said, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 96.7 billion surplus in November, compared to the USD 102.2 billion surplus in October and the lowest result in nearly four years.

FocusEconomics panelists forecast that exports will grow 13.1% in 2021 and imports will increase 8.4%, bringing the trade surplus to USD 107 billion. In 2022, FocusEconomics panelists expect exports will expand 8.5%, while imports will rise 7.8%, thus the trade surplus will grow to USD 117 billion.


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Russia Trade Balance Chart

Russia Trade12m November 20 20

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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