Russia: Merchandise exports fall at a steeper pace in August
Merchandise exports sank 32.3% year-on-year in August, following July’s 27.5% dive. The downturn came against the backdrop of still-weak foreign demand due to Covid-19 and constrained oil production. Meanwhile, merchandise imports slid 11.1% over the same month last year in August (July: -13.1% yoy).
As a result, the merchandise trade balance shrunk, recording a USD 3.7 billion surplus in August (August 2019: USD 12.4 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 111.7 billion surplus in August, compared to the USD 120.4 billion surplus in July.