Russia Trade Balance August 2021


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.

FocusEconomics panelists forecast that exports will grow 29.4% in 2021 and imports will increase 19.4%, bringing the trade surplus to USD 145 billion. In 2022, FocusEconomics panelists expect exports will expand 2.6%, while imports will rise 5.9%, thus the trade surplus will grow to USD 139 billion.


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Russia Trade Balance Chart

Russia Trade12m August 2021

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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