Page 57 - RusRPTNov20

5.2​ Balance of payments, current account
Russia trade dynamics $bn
Sep 2019
Oct 2019
Nov 2019
Dec 2019
Jan 2020
Feb 2020
Mar 2020
Apr 2020
May 2020
Jun 2020
Jul 2020
Aug 2020
Sep 2020
foreign trade t/o
55.7
55.9
59.8
58.6
56.1
46.6
46.6
49.9
40.7
38.1
43.1
43.1
42.8
export of goods
33.8
35.0
36.1
35.4
34.9
29.5
28.1
29.6
23.5
20.9
24.2
23.7
23.3
import of goods
-21.8
-20.9
-23.7
-23.2
-21.2
-17.0
-18.5
-20.3
-17.2
-17.2
-18.9
-19.4
-19.5
good trade balance
12.0
14.1
12.4
12.2
13.7
12.5
9.6
9.3
6.3
3.7
5.3
4.3
3.8
source: GKS
5.2.1 ​Import/export dynamics
At the end of September, President Putin ordered that the export of raw wood from Russia be banned ​for conifers and hardwoods (oak and beech), reports Bank of Finland Institute for Economies in Transition (BOFIT). The ban is due to take effect in early 2022, but no details are yet available on its details. The goal of the export ban is to eradicate illegal logging and the grey timber trade, which the president estimates are the reason for the collapse of Russia's market share in the global timber trade. In addition, the aim is to increase the degree of processing of domestic forest industry production. Russia has long pursued the same goals by curbing raw wood exports. Exports of raw wood began to be taxed in 2005 and export taxes were gradually raised in 2007–2008.
57 ​RUSSIA Country Report​ November 2020 www.intellinews.com