Russian exports and imports sink below 2010 levels

BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/03

​Preliminary 2015 balance-of-payments figures released by the Central Bank of Russia show that the 2010 level was hit in the third quarter in both revenues from exports of goods and services and spending on imported goods and services. Just in 2013, imports and exports were at all-time highs. Export earnings last year contracted by more than 30 % in dollars and 17 % in euro terms. Spending on imports last year fell 35 % in dollars and 22 % in euros, and the pace of on-year decline almost matched those numbers in the fourth quarter. The current account surplus increased slightly last year, and much more relative to GDP, as the value of GDP in foreign currencies contracted sharply on the ruble’s slide. The goods trade surplus shrank, whereas the services trade deficit contracted. The deficit for the rest of the current account also shrank, especially due to reduced earnings on foreigners’ direct investments in Russia.

Export earnings from oil and petroleum products showed a particularly sharp drop, but revenues from natural gas and other exports were also down. Spending on imported goods fell slightly more than the overall spending on imports. Spending of Russian travellers abroad was down more than 30 % in dollar terms and 17 % in euro terms.

Key balance-of-payments items for Russia, 2013–2015
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Source: Bank of Russia

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