Page 42 - RusRPTApr19

Trade: Goods imports (BoP)
335,771 341,337 308,026 193,952 191,671 237,993 57,000
Trade: Current account BPM6 (USD mn)
71,282 34,801 58,432 68,375 25,664 35,350 18,321
Trade: Current account to GDP (%)
3.20 1.40 2.70 4.90 1.90 2.20 /
source: CEIC, World Bank, CBR
According to the official preliminary estimate, Russia's current account surplus reached $20.8 bln in the first two months of 2018, up from $12.8 bln in January and $14.5 bln in 2m17. The trade surplus increased, reaching $29.6 bln, supported by higher exports than a year ago. Imports were also higher, but their growth was slower than that of exports.
Capital outflow from the private sector reached $9.8 bln in the first two months of 2018, versus the $4.4 bln outflow a year ago. The Finance Ministry bought $5.3 bln in FX between February 7 and March 6, also contributing to the weaker ruble and slower import growth.
The forecast of the current account balance in 2018 increased from $ 43bn to $ 59bn, the forecast of foreign exchange reserves - from $ 35bn to $ 50bn.
5.2.1 Import/export dynamics
In trade there were a few changes. While Russia’s main buyers of goods remain the same, lead by China that is purchasing a steady $60bn worth a goods a month followed by the Netherlands and Germany with $46bn and $36bn respectively. From the emerging Europe states Belarus and Turkey remains Russia’s biggest customer of goods buying $23bn each in January.
The first changes in the list is Ukraine’s continued slid down the roster of partners falling from 13thg place to 18th place with purchase of Russian goods decreasing from $10.4bn in December to $9.98 in January. Ukraine is well behind Belarus despite the fact that the country is about three times larger.
Overall, the volume of goods Russia sold to its main trade partners fell slightly in January from $411bn in December to $407bn in January.
There were almost no changes in the structure of the suppliers to Russia although the overall volume of imports was down slightly from $227bn in December to $220bn in January, leaving Russia with a substantial trade surplus in goods.
While Russia continues to cut exports to Ukraine the level of imports from Ukraine remain roughly stable at $5.8bn in January leaving Ukraine is a substantial trade deficit in goods of a bit more than $4bn.
The trade turnover between Russia and the EU grew by 20%in 2018,
Industry and Trade Minister Denis Manturov said during a meeting with representatives of European business in Moscow on March 11. The volume of accumulated investments from the EU countries to the Russian Federation amounted to €300bn last year, the minister added. "This is a lot. This shows that the European business is interested in coming to our country, investing its funds in the development of its business," Manturov said. He also pointed out
42 RUSSIA Country Report April 2019 www.intellinews.com