Balance of Payments in Q3 2019: Trade Balance Decline

Alexandra V. Bozhechkova – Head of Monetary Policy Department of the Gaidar Institute; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). E mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Pavel V. Trunin – Head of Center for Macroeconomics and Finance of the Gaidar Institute; Leading Researcher of the Russian Presidential Academy of National Economy and Public Administration, Doctor of Economic Sciences (Moscow, Russia). E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In Q3 2019, Russia’s trade surplus fell significantly due to a declining value volume of exports coupled with a slight growth in imports. Net capital outflow from the private sector was caused by the banking sector’s foreign liabilities shrinking at a faster rate than that of its foreign assets. In spite of the absence of any new economic sanctions, the worsening trade conditions and mounting tensions in the world financial market pushed down the ruble’s exchange rate against foreign currencies in Q3 2019.

Key words: balance of payments, export, import, current account, rate of Ruble exchange, capital outflows, Bank of Russia.