Russia Trade January 2020


Russia: Trade surplus continues shrinking in January amid contracting exports

March 13, 2020

Merchandise exports contracted for the ninth consecutive month at the outset of the year, falling 4.3% year-on-year and totaling USD 29.5 billion in January (December: -3.0% year-on-year).

Meanwhile, merchandise imports rose 3.7% year-on-year in the opening month of the year to USD 17.0 billion. January’s print represented a marked slowdown from the previous month’s 7.7% year-on-year increase.

As a result, the trade surplus shrank to USD 12.5 billion in January 2020, from USD 14.4 billion in January 2019. Meanwhile, the trailing 12-month sum of the trade balance shrank to an 17-month low of USD 163 billion in January, from the previous month’s USD 165 billion.

FocusEconomics panelists forecast that exports will expand 0.7% in 2020 and imports will rise 4.0%, bringing the trade surplus to USD 156.0 billion. In 2021, FocusEconomics panelists expect exports will expand 3.8%, while imports will rise 5.5%, leaving the trade surplus at USD 157.0 billion.

Author:, Economist

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