Russia Trade Surplus Down 47% in February

Russia's trade surplus narrowed to USD 7.35 billion in February of 2016, from a USD 13.97 billion surplus a year earlier. Exports shrank 31.4 percent and imports decreased at a slower 19.9 percent.
Yekaterina Guchshina | 4/11/2016 2:17:35 PM
Exports fell 31.3 percent year-on-year to USD 20.17 billion while imports decreased 16.8 percent to USD 12.8 billion, central bank data showed. 

The trade surplus with non-CIS countries declined 47 percent to USD 5.8 billion (-56.3 percent year-on-year in January) and trade surplus with CIS countries fell 47.6 percent to USD 1.5 billion (-36.3 percent year-on-year in January).

According to more detailed data from Russian Customs Statistics, trade surplus went down by 51.4 percent year-on-year to USD 8.0 billion in February 2015. Exports decreased by 31.2 percent to USD 20.1 billion while imports fell by 17.4 percent to USD 12 billion. 

Exports to non-CIS countries decreased to USD 17.6 billion. The biggest drop was reported for: fuels and energy products (by 40 percent to USD 10.2 billion) followed by metals (by 30.2 percent to USD 1.9 billion); chemical products (by 12 percent to USD 1.5 billion), machinery and equipment (by 9.5 percent to USD 1.3 billion) and foodstuffs and raw materials (by 30.8 percent to USD 1.1 billion). Exports to CIS countries declined to USD 2.5 billion: fuels and energy products (by 43.5 percent to USD 1.0 billion); machinery and equipment (by 60.1 percent to USD 0.26 billion); chemical products (by 16 percent to USD  0.37 billion); metals (by 27 percent to USD 0.26 billion) and foodstuffs and raw materials (by 5.4 percent to USD 0.3 billion).  

Imports from non-CIS countries declined by 16.6 percent to USD 10.9 billion. The biggest drop was reported for: machinery and equipment (by 23 percent to 4.8 billion) followed by chemical products (by 14 percent to USD 2.1 billion); textiles and footwear (by 12 percent to USD 0.9 billion); metals (by 14 percent to USD 0.6 billion). Purchases from CIS countries went down to USD by 20 percent to 1.1 billion led by machinery and equipment (by 12.0 percent to USD 0.25 billion); foodstuffs and raw materials (by 20 percent to USD 0.23 billion); chemical products (by 16 percent to USD 0.18 billion) and metals (by 8.7 percent to USD 0.13 billion).

The biggest trade surpluses in February were recorded with the Netherlands (USD 2.1 billion); Turkey (USD 0.8 billion) Italy (USD 0.5 billion) and Belgium (USD 0.4 billion). The largest trade deficits were recorded with China (USD 0.9 billion trade gap) and Indonesia (USD 0.2 billion gap). 

 Russia Trade Surplus Down 47% in February