Russia Trade January 2018


Russia: Exports growth hits 10 month high in January

April 2, 2018

Merchandise exports totaled USD 33.4 billion in January, which represented a robust 31.3% increase compared with the USD 25.4 billion observed in the same month of 2017. The expansion was above December’s 23.4% increase and marked the fastest growth since March 2017. Supportive global conditions and higher commodity prices have led to a surge in Russian exports in recent months.

Imports increased 20.4% annually in January, slightly below December’s 23.4% increase and came in at USD 16.4 billion. The trade surplus came in at USD 17.0 billion, which was notably larger than the USD 11.8 billion surplus seen in January 2017.

The external sector has recovered notably over the past year and the improvement is more clearly seen when examining the trailing 12-month sum of the trade balance. In January, the trailing 12-month sum came in at a surplus of USD 120.2 billion, above December’s USD 115.0 billion and the best reading since March 2016.

The analysts we surveyed this month project Russia’s exports to reach USD 394 billion in 2018. Going forward, panelists expect exports to reach USD 411 billion in 2019.


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Russia Trade Chart

Russia Trade12m January 2018

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Federal State Statistics Service (Rosstat) and Ministry of Economic Development.

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