Russia: Merchandise exports rise at a softer pace in August
October 14, 2021
Merchandise exports shot up 85.3% annually in August. Although the result marked a slowdown from July’s record increase of 92.6%, it pointed to a sustained growth momentum in the country’s external sector amid a healthy global oil market and supportive foreign demand. Meanwhile, merchandise imports climbed 30.6% over the same month last year in August (July: +33.2% yoy), marking the softest increase since March 2021.
Meanwhile, the merchandise trade balance deteriorated from the previous month, recording a USD 17.1 billion surplus in August (July 2021: USD 21.2 billion surplus; August 2020: USD 3.3 billion surplus). That said, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 141.5 billion surplus in August, compared to the USD 127.7 billion surplus in July.