Russia Trade Surplus Narrows 44.4% YoY in August


Russia's trade surplus decreased to $4.9 billion in August 2016, from a $8.8 billion surplus a year earlier and well below market expectations of $7.2 billion. It was the lowest trade surplus since April 2009, as exports dropped 7.2 percent while imports rose for the first time since December 2013 by 13 percent. Considering the first eight months of the year, the trade surplus shrank 48.7 percent to USD 55.7 billion, as exports fell 25.7 percent and imports declined 5.6 percent.

Exports shrank 7.2 percent year-on-year to USD 23.3 billion. Sales fell for the 27th straight month in a row while the least since October 2014. Imports went up 13 percent to USD 18.4 billion, for the first time since December 2013 and the most since January 2013, 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 to $5.8 billion in August compared to $9.9 billion a year ago. Exports decreased by 7.5 percent to USD 23.4 billion. Imports rose 14.2 percent to $17.6 billion.

Exports to non-CIS countries decreased by 7.5 percent to $20.2 billion. The biggest drop was reported for: fuels and energy products (-11 percent to $13.1 billion) followed by chemical products (-22 percent to $0.96 billion) and machinery and equipment (-0.8 percent to $1.1 billion). In contrast, shipments of foodstuffs and raw materials rose by 4.8 percent to $1.1 billion and metals increased 10 percent to $2.4 billion. Exports to CIS countries dropped by 7.4 percent to $3.1 billion led by: fuels and energy products (-19 percent to $0.8 billion); machinery and equipment (-4.5 percent to $0.2 billion); chemical products (-4 percent to $0.5 billion); metals (-8 percent to $0.4 billion). In contrast, sales rose for foodstuffs and raw materials by 22 percent to $0.4 billion.  

Imports from non-CIS countries jumped 16.2 percent to USD 15.8 billion. The biggest increase was reported for: machinery and equipment (+33 percent to $8.5 billion), followed by foodstuffs and raw materials (+16 percent to $1.5 billion); chemical products (+8.3 percent to $2.7 billion);  textiles and footwear (+ 4.4 percent to $1.1 billion) and metals (+7 percent to $0.8 billion). Purchases from CIS countries went down by 1 to $1.7 billion led by fuels and energy products (-70 percent to $0.07 billion). In contrast, outbound purchases rose for chemical products (+15.1 percent to $0.2 billion) and metals (+10 percent to $0.4 billion) and foodstuffs and raw materials (+24 percent to $0.4 billion).

The main trade partners in January-August of 2016 were: China (-3.1 percent year-on-year to $40.2 billion trade turnover); Germany (-18.5 percent year-on-year to $24.9 billion); the Netherlands (-33.3 percent year-on-year to $20.5 billion); Italy (-42.6 percent year-on-year to $12.6 billion); the USA (-15.5 percent to $12.2 billion); Turkey (-39.5 percent to 9.9 billion USD); Japan (-29 percent to $10.1 billion).

Russia Trade Surplus Narrows 44.4% YoY in August


Yekaterina Guchshina | yekaterina@tradingeconomics.com
10/12/2016 2:02:17 PM