Russia: Trade surplus continues narrowing as exports slump and imports soar in October
Merchandise exports totaled USD 36.1 billion in October 2019, representing a 12.6% contraction from the USD 41.3 billion sum recorded in the same month of 2018. October’s result came on the heels of a slightly softer 9.3% fall in September and marked the sharpest contraction since July 2016.
Meanwhile, imports totaled USD 23.7 billion in October, jumping 10.2% year-on-year from October 2018’s USD 21.5 billion. October’s print represented a considerable acceleration from September’s 5.6% year-on-year increase and marked the strongest growth since April 2018.
As a result, the trade surplus shrank to USD 12.4 billion in October 2019, from USD 19.8 billion in October 2018. Meanwhile, the trailing 12-month sum of the trade balance came in at USD 173 billion, below September’s USD 182 billion and marking the lowest result in over the year.