Russia Trade Surplus Narrows 51% YoY in May

Russia's trade surplus decreased sharply to USD 7.5 billion in May 2016, from a USD 15.3 billion surplus a year earlier while above market expectations of USD 7.2 billion. Exports dropped 28.3 percent and imports went down at a slower 5.5 percent. Considering the first five months of the year, the trade surplus shrank 51.4 percent to USD 36.6 billion from USD 75.4 billion in the same period of 2015.
Yekaterina Guchshina | 7/12/2016 2:34:23 PM
Exports fell 28.3 percent year-on-year to USD 21.97 billion while imports decreased 5.5 percent to USD 14.4 billion, central bank data showed. 

The trade surplus with non-CIS countries declined 55.3 percent to USD 5.95 billion and trade surplus with CIS countries fell 21.9 percent to USD 1.78 billion.

According to more detailed data from Russian Customs Statistics, trade surplus went down by 48 percent year-on-year to USD 8.5 billion in May 2015. Exports decreased by 27 percent to USD 22 billion while imports fell by 3.3 percent to USD 13.6 billion. 

Exports to non-CIS countries decreased by 29 percent to USD 19.25 billion. The biggest drop was reported for: fuels and energy products (by 32.5 percent to USD 12.4 billion) followed by chemical products (by 37 percent to USD 1.1 billion); metals (by 31 percent to USD 2.0 billion); machinery and equipment (by 23 percent to USD 1.1 billion) while foodstuffs and raw materials (by 15 percent to USD 0.8 billion) and wood, pulp and paper products (by 5.5 percent to USD 0.6 billion) sales went up. Exports to CIS countries declined by 17 percent to USD 2.9 billion, mainly driven by: fuels and energy products (by 36 percent to USD 0.98 billion); machinery and equipment (by 15 percent to USD 0.4 billion); foodstuffs and raw materials (by 3.0 percent to USD 0.32 billion) while increases were recorded in chemical products (by 12 percent to USD  0.2 billion); textile, clothing and footwear (by 52.1 percent to USD 0.1 billion) and metals (by 1.5 percent to USD 0.4 billion).  

Imports from non-CIS countries declined by 2.0 percent to USD 12.0 billion. The fall was mainly driven by: machinery and equipment (by 1.6 percent to 5.9 billion) followed by foodstuffs and raw materials (by 5.2 percent to 1.7 billion); textiles and footwear (by 2.6 percent to USD 0.5 billion); metals (by 11 percent to USD 0.6 billion); fuels and energy products (by 20.3 percent to USD 0.06 billion). In contrast, chemical products (by 3.3 percent to USD 2.6 billion) and leather materials, furs (by 7.9 percent to USD 0.05 billion) grew. Purchases from CIS countries went down by 13 percent to 1.5 billion led by fuels and energy products (by 76.8 percent to USD 0.07 billion); chemical products (by 11.5 percent to USD 0.2 billion) and precious stones and metals (by 64 percent to USD 0.01 billion). In contrast, purchases of machinery and equipment (by 13.1 percent to USD 0.3 billion) and foodstuffs and raw materials (by 7.5 percent to USD 0.36 billion) rose.

The main trade partners in January-May of 2016 were: China (down by 0.6 percent year-on-year to 22.7 billion USD trade turnover); Germany (down by 22.6 percent year-on-year to 15 billion USD); the Netherlands (down by 35.1 percent year-on-year to 12.7 billion USD); Italy (down by 48.8 percent year-on-year to 7.4 billion USD); the USA (down by 21.8 percent to 7 billion USD); Turkey (down by 42.8 percent to 6.1 billion USD); Japan (down by 38.9 percent to 6.1 billion USD).

Russia Trade Surplus Narrows 51% YoY in May