BOFIT Viikkokatsaus / BOFIT Weekly 2019/20

The Central Bank of Russia reports that 67 % of invoicing on exports last year was in dollars, 17 % in euros and 14 % in rubles. The dollar’s share of foreign trade invoicing has slowly declined since 2013, while the euro and ruble have gained slightly. The dollar has traditionally represented about 40 % of Russia’s invoice currency for imports, while the euro and ruble have each accounted for about 30 %. These shares have remained quite stable over recent years.

The ruble is the top invoice currency in trade with the countries that formed the CIS, especially with the Eurasian Economic Union. In other markets, the ruble’s share in Russian export invoicing is below 10 %. The exception is India, where that share rose to more than a third in 2018.

The dollar holds a commanding status in Russia’s trade with China. Almost 90 % of Russian exports to China are invoiced in dollars, although that share fell sharply in the second half of 2018. In 4Q18, the dollar’s share was just 65 %, while the euro’s share rose to almost 25 %. While the dollar’s use as an invoice currency for imports from China has declined, its share is still over 70 %. In 2018, about 20 % of imports from China were not invoiced in dollars, euros or rubles. This most likely reflects increasing use of Chinese yuan.