Page 38 - RusRPTJan22

5.0 External Sector & Trade 5.1 External sector overview
Russia's foreign trade surplus in January-October amounted to $149bn, which is 1.8 times more than in the same period last year, the Federal Customs Service (FCS) reported . Russia's foreign trade turnover for the specified period increased by 36.7% in annual terms and amounted to $627.8bn.
Russian exports reached $388.4bn (+ 42.8%). Non-CIS countries accounted for 86.9%, CIS countries - 13.1%. Fuel and energy products remained the main Russian export.
According to the Central Bank, there is an increase in the current account surplus in Russia, which grew almost 2.5 times over the year - to $111.4bn, but at the same time, a record net outflow of private capital since 2014. The outflow to balance of payments surplus ratio was 66%.
The value of Russian exports of goods knocked on its historic highs in July-September. The value of exports increased by as much as 70% year-on-year as demand for raw materials and prices rose sharply on the world market. The value of exports also continued to increase compared to the previous quarter, but growth slowed markedly.
Of the key exports, crude oil exports continued to grow strongly in July-September, but exports were still significantly lower than before the interest rate crisis. In January-September, the volume of oil exports was 6% lower than a year earlier.
Russian oil production is still limited by the OPEC + agreement, although it has been possible to gradually increase production within its framework.
The price of Urals oil continued to rise slightly in July-September, averaging about $70 a barrel. With regard to natural gas, exports of pipeline gas have grown rapidly this year, and in July-September pipeline gas was already exported at almost the same level as in the corresponding period in 2019. Gas prices also rose sharply in July-September. In contrast, exports of liquefied gas LNG have contracted slightly this year.
Growth in Russian imports of goods levelled off in July-September from the previous quarter, but the value of imports increased by a further 30% year-on-year.
38 RUSSIA Country Report January 2022 www.intellinews.com