Russia Trade Balance April 2020


Russia: Trade surplus melts amid plunging exports in April

June 11, 2020

Merchandise exports plunged 36.0% year-on-year and totaled USD 23.5 in April (March: -20.0% yoy). April’s downturn marked the sharpest contraction in exports in over four years and came against the backdrop of coronavirus-related lockdowns, disrupted global supply chains, and plunging commodity prices which severely hindered international trade.

Meanwhile, merchandise imports dived 21.9% yoy in April to USD 17.2 billion. April’s print came on the heels of a much softer 3.2% dip in March and marked the sharpest contraction since December 2015.

As a result, the trade surplus shrank to a nearly three-year low of USD 6.2 billion in April 2020 (March 2020: USD 9.3 billion surplus), from USD 14.6 billion in April 2019. Meanwhile, the trailing 12-month sum of the trade balance fell to a near two-year low of USD 141 billion in April, from the previous month’s USD 149 billion.

FocusEconomics panelists forecast that exports will plunge 35.7% in 2020 and imports will dive 24.7%, bringing the trade surplus to USD 77.0 billion. In 2021, FocusEconomics panelists project exports will expand 16.3%, while imports will rise 9.7%, leaving the trade surplus at USD 103.0 billion.


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Russia Trade Balance Chart

Russia Trade12m April 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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