Page 55 - RusRPTMar21

5.2 Balance of payments, current account
Russia trade dynamics $bn
Jan 2020
Feb 2020
Mar 2020
Apr 2020
May 2020
Jun 2020
Jul 2020
Aug 2020
Sep 2020
Oct 2020
Nov 2020
Dec 2020
Jan 2021
foreign trade t/o
56.1
46.6
46.6
49.9
40.7
38.1
43.1
43.1
42.8
51.0
50.0
42.6
47.6
export of goods
34.9
29.5
28.1
29.6
23.5
20.9
24.2
23.7
23.3
30.5
28.2
24.7
27.6
import of goods
-21.2
-17.0
-18.5
-20.3
-17.2
-17.2
-18.9
-19.4
-19.5
-20.5
-21.8
-17.9
-20.0
good trade balance
13.7
12.5
9.6
9.3
6.3
3.7
5.3
4.3
3.8
10.0
6.4
6.8
7.7
source: GKS
January balance of payments data from Russia points at a continuous weakness of the capital account, while the current account surplus is 35% lower than a year ago and net private capital outflow is closer to last year's levels.
This leaves the currency sensitive to portfolio flows, which is good news in the near-term but highlights structural weaknesses.
According to the Bank of Russia's preliminary estimates of January balance of payments, the current account surplus came in at $6.8bn, while net private
55 RUSSIA Country Report March 2021 www.intellinews.com