Page 49 - RusRPTMay20

5.0​ External Sector & Trade 5.1​ External sector overview
The value of Russian exports of goods and services in January-March was $100bn, or 13% lower than a year earlier​, according to preliminary balance of payments data.
Oil and gas exports contracted by 25%​ due to a sharp fall in prices and a contraction in demand, but other exports of goods increased by 2% year-on-year.
Exports of services contracted as travel restrictions imposed due to the coronavirus reduced exports of tourism services by 27% year-on-year.
The value of imports of goods and services was $74bn, or more than 1% less than a year earlier​. Imports of tourism services decreased by 16%, but imports of goods remained at the previous year's level. The current account surplus narrowed markedly year-on-year in January-March, but remained at $22bn.
On the financial balance sheet side, capital flowed out again in net terms.
Foreign investors sold their Russian government bonds and repatriated their portfolio investments from the corporate sector.
The net flow of foreign direct investment to Russia also fell to almost zero. ​In addition, Russian banks again reduced their foreign loans. However, capital outflows were lower than a year earlier as Russian banks and companies made fewer investments abroad. The net capital flow of the entire private sector was $17bn negative in January-March.
49​ RUSSIA Country Report​ May 2020 ​ ​www.intellinews.com