Russia: Export growth moderates in June
August 13, 2018
Merchandise exports totaled USD 36.6 billion in June, which represented a solid 23.8% expansion from the USD 29.5 billion sum recorded in the same month last year. Higher commodity prices and a solid global economy are helping support buoyant export growth. That said, growth in June was still below May’s robust 29.2%.
Meanwhile, imports grew 1.1% in annual terms in June, well below May’s 8.8% and marking the slowest expansion since July 2016. The trade surplus came in at USD 15.6 billion, which was significantly above the USD 8.8 billion surplus recorded in June 2017.
The ongoing recovery of Russia’s external sector is more clearly seen when examining the trailing 12-month sum of the trade balance: In June, the trailing 12-month sum of the trade balance hit an over two-year high, rising to USD 146 billion from May’s USD 140 billion.
Russia Exports Forecast
The analysts FocusEconomics surveyed this month project Russia’s exports will reach USD 405 billion in 2018. Panelists expect exports to reach USD 420 billion in 2019.