Russia: Trade surplus shrinks as exports dive in March
Merchandise exports plunged 20.0% year-on-year and totaled USD 29.6 in March (February: -19.1% yoy). March’s result marked the sharpest contraction in exports since June 2016 and came amid widespread lockdowns and disrupted global supply chains due to the fallout from Covid-19.
Meanwhile, merchandise imports fell 3.2% yoy in March to USD 20.3 billion. March’s print contrasted February’s 1.1% increase and marked the first contraction since June 2019.
As a result, the trade surplus shrank to a nearly three-year low of USD 9.3 billion in March 2020, from USD 16.1 billion in March 2019. Meanwhile, the trailing 12-month sum of the trade balance sank to a near two-year low of USD 149 billion in March, from the previous month’s USD 156 billion.