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Russia trade surplus at fresh 7-year low in July

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Staff Writer |
Russia trade surplus
Russian economy   The lowest trade surplus since April 2009

Russia's trade surplus decreased to $6.5 billion in July 2016, from a $10.6 billion surplus a year earlier.

It was the lowest trade surplus since April 2009, as exports dropped at a faster 17.5% than 4.1% fall in imports. Considering the first seven months of the year, the trade surplus shrank 48.7% to $51.249 billion, as exports fell 27.8% and imports declined 8.6%.

Exports shrank 17.5% year-on-year to $22.5 billion while imports decreased 4.1% to $16 billion, central bank data showed.

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

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

Exports to non-CIS countries decreased by 38.4% to $112.7 billion. The biggest drop was reported for: fuels and energy products (- 34.4%) followed by metals (-22.3%); chemical products (- 28%) and machinery and equipment (-6.4%).

In contrast, shipments of foodstuffs and raw materials rose by 7.3%.

Exports to CIS countries dropped by 23.7% to $19.8 billion with all categories reporting declines: fuels and energy products (-36%); machinery and equipment (-18.3%); chemical products (-5.3%); metals (-16.3%) and foodstuffs and raw materials (-8.1%).

Imports from non-CIS countries declined 6.4% to $84.5 billion. The biggest drop was reported for: machinery and equipment (-5.1%), followed by chemical products (-3.7%); foodstuffs and raw materials (-10.2%); textiles and footwear (-7.3%); metals (-11.4%).

Purchases from CIS countries went down by 14.8 to $10.2 billion led by chemical products (-21.4%) and metals (-8.8%). In contrast, purchases rose for machinery and equipment (+0.7%) and foodstuffs and raw materials (+9.2%).

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

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