Russia Trade February 2020


Russia: Trade surplus shrinks on plummeting exports in February

May 8, 2020

Merchandise exports dived 19.1% year-on-year and totaled USD 28.1 in February (January: -2.6% year-on-year). February’s result marked the sharpest contraction in exports since June 2016.

Meanwhile, merchandise imports edged up 1.1% annually in February to USD 18.5 billion. February’s print represented a slowdown from the previous month’s 3.2% year-on-year increase.

As a result, the trade surplus shrank to USD 9.7 billion in February 2020, from USD 16.5 billion in February 2019. Meanwhile, the trailing 12-month sum of the trade balance fell to a 19-month low of USD 156 billion in February, from the previous month’s USD 163 billion.

FocusEconomics panelists forecast that exports will plunge 30.7% in 2020 and imports will dive 22.2%, bringing the trade surplus to USD 92.0 billion. In 2021, FocusEconomics panelists project exports will expand 17.0%, while imports will rise 11.4%, leaving the trade surplus at USD 118.0 billion.

Author:, Research Team Manager

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Russia Trade Chart

Russia Trade12m February 20 20

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Central Bank of the Russian Federation (Bank of Russia).

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