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.