Page 38 - RusRPTJul19

5.0 External Sector & Trade 5.1 External sector overview
Russia’s trade in goods hit 457.6bn in May, which is on a par with last year’s result. Trade turnover remains largely stable and very similar to the 2018 profile.
At the same time, thank to the raw materials exports Russia continues to run a comfortable trade surplus that has been running at over $15bn a month almost all year.
According to Bank of Russia’s estimate, the surplus in the current account of the balance of payments of the Russian Federation in January–May 2019 totaled $48.7 billion, growing by $1.8 billion on the comparable outcome of 2018. Improving balance on trade in services due to the exports of services growth whilst the imports thereof declined together with the strengthening of the trade balance had a positive effect of the aggregate’s dynamics.
The balance on financial transactions of the private sector in January–May 2019, according to preliminary data, amounted to $35.2 billion (against $18.9 billion in the respective 2018 period). The aggregate’s total was shaped primarily as a result of banks’ and other sectors’ transactions to acquire foreign assets, while the contribution of the change in external liabilities was negligible.
As a result of transactions, international reserves gained $28.0 billion dollars, mainly, because of foreign currency purchases on the domestic market under the fiscal rule.
Aggregates
Current account balance $48.7 $46.9
Trade balance $75.1 $74.4
Balance on private sector’s financial $35.2 $18.9 transactions
Change in reserve assets* $28.0 $25.9
* Reported data.
January–May 2019
(estimate)
January–May 2018
38 RUSSIA Country Report July 2019 www.intellinews.com