Russia Trade Surplus at Fresh 7-Year Low in July

Russia's trade surplus decreased to $6.5 billion in July 2016, from a $10.6 billion surplus a year earlier while above market expectations of $6.1 billion. It was the lowest trade surplus since April 2009, as exports dropped at a faster 17.5 percent than 4.1 percent fall in imports. Considering the first seven months of the year, the trade surplus shrank 48.7 percent to USD 51.249 billion, as exports fell 27.8 percent and imports declined 8.6 percent.
Yekaterina Guchshina | 9/9/2016 3:12:24 PM
Exports shrank 17.5 percent year-on-year to USD 22.5 billion while imports decreased 4.1 percent to USD 16 billion, central bank data showed.

The trade surplus with non-CIS countries declined 41.6 percent to USD 51 billion while with CIS countries fell at a slower 24 percent to USD 1.3 billion.

According to more detailed data from Russian Customs Statistics, trade surplus went down by 45.7 percent year-on-year to USD 57.7 billion in January-July 2016. Exports decreased by 27.1 percent to USD 152.5 billion. Imports fell 7.7 percent to USD 94.8 billion.

Exports to non-CIS countries decreased by 38.4 percent to USD 112.7 billion. The biggest drop was reported for: fuels and energy products (- 34.4 percent) followed by metals (-22.3 percent); chemical products (- 28 percent) and machinery and equipment (-6.4 percent). In contrast, shipments of foodstuffs and raw materials rose by 7.3 percent. Exports to CIS countries dropped by 23.7 percent to USD 19.8 billion with all categories reporting declines: fuels and energy products (-36 percent); machinery and equipment (-18.3 percent); chemical products (-5.3 percent); metals (-16.3 percent) and foodstuffs and raw materials (-8.1 percent).  

Imports from non-CIS countries declined 6.4 percent to USD 84.5 billion. The biggest drop was reported for: machinery and equipment (-5.1 percent), followed by chemical products (-3.7 percent); foodstuffs and raw materials (-10.2 percent); textiles and footwear (-7.3 percent); metals (-11.4 percent). Purchases from CIS countries went down by 14.8 to USD 10.2 billion led by chemical products (-21.4 percent) and metals (-8.8 percent). In contrast, purchases rose for machinery and equipment (+0.7 percent) and foodstuffs and raw materials (+9.2 percent).

The main trade partners in January-July of 2016 were: China (-6.8 percent year-on-year to 33.6 billion USD trade turnover); Germany (-21.4 percent year-on-year to 21.4 billion USD); the Netherlands (-33.1 percent year-on-year to 18.3 billion USD); Italy (-44.8 percent year-on-year to 10.8 billion USD); the USA (down by 21.8 percent to 7 billion USD); Turkey (-40.3 percent to 8.6 billion USD); Japan (-33.5 percent to 8.6 billion USD)

Russia Trade Surplus at Fresh 7-Year Low in July