Page 38 - RusRPTOct19

Russia trade dynamics $bn
Dec 2018
Jan 2019
Feb 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
Foreign trade turnover, billion US dollars
52.4
63.9
46.3
52.4
57.5
57.60
51.40
52.40
export of goods
33.6
41.4
29.8
34.0
36.5
37.50
31.60
32.50
import of goods
-18.9
-22.5
-16.5
-18.4
-21
-22.00
-19.80
-20.00
good trade balance
14.7
18.9
13.3
15.6
15.5
15.50
11.80
12.50
source: GKS
5.2.1 Import/export dynamics
The trade surplus widened to $108.1bn in 8m19 from $96bn in 7m19 but remained below the $118.4bn seen in 8m18. The weaker trade surplus in y/y terms was mostly attributable to lower energy prices, as Brent averaged 10% lower y/y.
Finnish Customs reports that in the first half of 2019 the value of goods exports from Finland to Russia (1.8bn euros) increased by 10% and the value of goods imported from Russia to Finland (4.5bn euros) was down by 1% compared to the first half of 2018. However, a significant share of export revenues this year have derived from one-time gas pipeline deliveries to the Nordstream 2 pipeline that spans the Baltic Sea. The total value of the goods flow from Finland to Russia remains at about half of its level prior to the start of the global financial crisis in 2008. Over the past decade, Russia’s share of Finnish exports has dropped from 11% to 5%. In the first half of 2019, Russians made 2% fewer trips to Finland than in the same period last year and had 4% fewer overnight stays in Finland. In particular, there were much fewer Russian overnight stays in January, which includes the Russian Christmas holiday season. On a yearly basis, Russians account for 4% of overnight stays in Finland, but in January their share was 9%.
38 RUSSIA Country Report October 2019 ww.intellinews.com