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17 Jan, 2019 11:15

Russia’s trade surplus poised to smash pre-sanction record — reports

Russia’s trade surplus poised to smash pre-sanction record — reports

Russia is on track to break its own record trade surplus that had been reached in 2011, two years before the US and its Western allies imposed economic sanctions on the country, reports French business daily Les Échos.

Russia’s trade surplus totaled $191.4 billion from January through November last year, according to the media. The record on positive trade balance was fixed in 2011, when the trade surplus totaled $198 billion.

“At that rate, the record of 2011 seems easy reach,” the newspaper reports.

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The 2018 trade surplus demonstrated more than a 65 percent growth against the same period in the previous year, according to data published by Russia’s Federal Customs Service.

Earlier, the country’s customs body reported that Russia’s overall trade volume amounted to $629 billion for the first eleven months of the last year, while the exports surged 27.5 percent to $410.2 billion.

In September, the Central Bank of Russia said that the country’s trade surplus from January through August nearly doubled, reaching $119.9 billion compared to the same period of 2017.

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“Being a grain exporting giant, Russia, which was ranked 16th in the list of the world’s largest exporters, is expected to gain some places in 2018,” the Les Échos' report said.

By the end of last year, the volume of Russia’s non-energy exports set a new record, hitting $147 billion, according to the Russian Export Center. At the same time, Russia’s energy ministry reported that in 2018 Russia’s exports of coal hit the highest levels since 2013.

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