Russia Merchandise Exports (USD bn)

Exports in Russia

Merchandise exports contract at a more moderate rate in November

Merchandise exports dived 16.9% over the same month last year in November, easing from October’s 23.8% year-on-year plunge, but marking the 19th consecutive month of contraction. In a similar fashion, merchandise imports fell at a softer rate of 2.3% annually in November (October: -8.8% yoy).

Meanwhile, the merchandise trade balance improved from the previous month, recording a USD 7.1 billion surplus in November (October 2020: USD 6.4 billion surplus; November 2019: USD 12.6 billion surplus). That said, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 96.7 billion surplus in November, compared to the USD 102.2 billion surplus in October and the lowest result in nearly four years.