Russia Trade Balance September 2020


Russia: Merchandise exports fall at a milder rate in September

November 11, 2020

Merchandise exports fell 14.1% year-on-year in September (August: -32.5% year-on-year). September’s result marked the softest fall since January 2020. Meanwhile, merchandise imports declined 2.7% over the same month last year in September (August: -9.3% yoy), marking the best result since March 2020. The improvement reflected gradually recovering foreign demand amid the easing of lockdown restrictions globally.

As a result, the merchandise trade balance deteriorated, recording a USD 10.1 billion surplus in September (September 2019: USD 14.5 surplus; August 2020: USD 3.2 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 108.5 billion surplus in September, compared to the USD 112.9 billion surplus in August.

FocusEconomics panelists forecast that exports will jump 14.9% in 2021 and imports will increase 12.1%, bringing the trade surplus to USD 104.0 billion. In 2022, FocusEconomics panelists expect exports will expand 7.9%, while imports will rise 7.2%, thus the trade surplus will rise to USD 114.0 billion.


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Russia Trade Balance Chart

Russia Trade12m September 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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