Russia: Export growth wanes moderately in December
March 1, 2018
Merchandise exports totaled USD 37.9 billion in December, which represents a robust 21.1% increase compared with the USD 31.3 billion observed in the same month of 2016. The expansion was below November’s 25.2% increase. Supportive global conditions and higher commodity prices have led to Russian exports surging in recent months.
Imports increased 23.9% annually in December, slightly above November’s 23.5% increase and came in at USD 24.2 billion. The trade surplus came in at USD 13.7 billion, which was larger than the USD 11.8 billion surplus seen in December 2016.
The external sector recovered notably in 2017 and the trade surplus rose from 2016’s USD 90.3 billion to USD 115.3 billion. The reading was supported by double-digit growth in exports, which surged 25.9% last year (2016: -16.7%). Imports also expanded at a quick pace, illustrating the economy’s recovery. Imports grew 24.8% in 2017 (2016: -1.3%).
Russia Exports Forecast
The analysts we surveyed this month project Russia’s exports to reach USD 378 billion in 2018. Going forward, panelists expect exports to reach USD 397 billion in 2019.