Russia: Merchandise exports contract at quicker rate in July
Merchandise exports sank 29.2% annually in July, on the heels of June’s 25.8% dive. Meanwhile, merchandise imports plunged 13.2% in annual terms in July (June: -4.4% yoy). The deterioration was chiefly driven by still-weak foreign demand for merchandise goods and constrained oil output.
As a result, merchandise trade balance deteriorated, recording a USD 4.3 billion surplus in July (July 2019: USD 11.1 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 119.8 billion surplus in July, compared to USD 126.6 billion surplus in June.