Russia Trade Balance August 2020


Russia: Merchandise exports fall at a steeper pace in August

October 13, 2020

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.

FocusEconomics panelists forecast that exports will plummet 27.6% in 2020 and imports will fall 15.3%, bringing the trade surplus to USD 87.0 billion. In 2021, FocusEconomics panelists expect exports will expand 15.2%, while imports will rise 12.2%, thus the trade surplus will rise to USD 107.0 billion.


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Russia Trade Balance Chart

Russia Trade12m August 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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