Russia: Merchandise exports continue to expand at a strong pace in December.
Merchandise exports jumped 60.0% over the same month last year in December (November: +62.4% year-on-year). Meanwhile, merchandise imports rose 22.4% on an annual basis in December (November: +22.6% yoy), marking the softest increase since February 2021.
As a result, the merchandise trade balance improved from the previous month, recording a USD 26.7 billion surplus in December (November 2021: USD 21.1 billion surplus; December 2020: USD 10.8 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 190.1 billion surplus in December, compared to the USD 174.2 billion surplus in November.
FocusEconomics panelists forecast that exports will grow 10.9% in 2022 and imports will increase 8.0%, bringing the trade surplus to USD 203.0 billion. In 2023, FocusEconomics panelists expect exports will fall 0.3%, while imports will rise 3.9%, thus the trade surplus will grow to USD 192 billion.
Source: AICEP Portugal Global