Page 33 - RusRPTJuly18

Trade: Current account BPM6 (USD mn)
97,274 71,282 34,801 58,432 68,375 25,664 21,466 (Jan-Sep)
Trade: Current account to GDP (%)
5.11 3.54 1.67 3.14 5.22 2.14 /
source: Rosstat, CEIC, World Bank
According to the official preliminary estimate, Russia's current account surplus reached $20.8bn in the first two months of 2018, up from $12.8bn in January and $14.5bn in 2m17. The current account finished the first quarter with a large $28.8bn surplus thanks to rising oil prices.
The trade surplus increased, reaching $29.6bn, 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 $9.8bn in the first two months of 2018, versus the $4.4bn outflow a year ago. The Finance Ministry bought $5.3bn 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
The major trading partners of Russia in Europe in the first quarter quarter of 2018:
The top ten Russia’s trade partners in Europe in the first quarter quarter of 2018 were Germany (9.0027% of Russia’s total foreign trade), the Netherlands (7.3754%), Belarus (5.0836%), Italy (3.7250%), Poland (3.2239%), France (2.6538%), Finland (2.3452%), the United Kingdom (2.1408%), Ukraine (2.1395%), and Belgium (2.0184%);
The top five Russia’s trade partners in North America in the first quarter quarter of 2018 were the US (3.2799% of Russia’s total foreign trade), Mexico (0.4205%), Trinidad and Tobago (0.1707%), Canada (0.1688%), and Cuba (0.0481%);
The top five Russia’s export markets in North America in the first quarter quarter of 2018 were the US (2.5541% of Russia’s total exports), Mexico (0.4473%), Trinidad and Tobago (0.2611%), Canada (0.0936%), and Cuba (0.0714%);
The top five Russia’s import suppliers from North America in the first quarter quarter of 2018 were the US (4.6491% of Russia’s total imports), Mexico (0.3701%), Canada (0.3107%), Puerto Rico (0.0682%), and Jamaica (0.0505%).
The top ten Russia’s export markets in Europe in the first quarter quarter of 2018 were the Netherlands (10.4689% of Russia’s total exports), Germany (8.0005%), Belarus (4.9449%), Poland (3.8213%), Italy (3.3978%), Finland (2.8037%), Belgium (2.5142%), the United Kingdom (2.3224%), Ukraine (2.0332%), and France (1.6067%);
RUSSIA Country Report July 2018 www.intellinews.com