The reversal that occurred in Russia is striking, where the closure of gas purchases produces an almost zero imports between January and November and a trade surplus of close to half a billion. It had never happened.
The data in detail
In November 2023, for trade with non-EU27 countries, a similar economic reduction is estimated for exports (-3.0%) and imports (-3.1%).
The monthly decline in exports concerns all the main industrial groups, with the exception of durable consumer goods (+2.6%), and is mainly due to lower sales of energy (-31.0%), intermediate goods (-3.4%) and non-durable consumer goods (-2.5%). Even on the import side, with the exception of capital goods (+1.7%), there were cyclical decreases for all groupings; the largest for energy (-7.5%) and durable consumer goods (-4.5%).
In the September-November 2023 quarter, compared to the previous one, exports recorded modest growth (+0.1%), a synthesis of increases in energy sales (+21.9%) and intermediate goods (+1.3%) and reductions in those of capital goods (-2.5%) and durable consumer goods (-1.1%); exports of non-durable consumer goods are stationary. In the same period, imports increased by 1.0%, contributed only by the increased purchases of energy (+9.3%).
In November 2023, exports fell by 3.7% on an annual basis (it was +9.4% in October). The decline is due to the contraction in sales of energy (-16.4%), intermediate goods (-6.9%) and capital goods (-4.9%), while exports of durable consumer goods grew (+4.3 %) and non-durable (+0.5%). Imports recorded a trend decline of 20.8%, generalized and larger for energy (-38.0%) and intermediate goods (-16.3%).
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