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Russian Foreign Trade in 2020

Author

Listed:
  • Volovik Nadezhda

    (Gaidar Institute for Economic Policy)

Abstract

The pandemic has dealt a heavy blow to the world economy and global commodity markets. The COVID-19 containment measures have taken a toll on economic activity particularly in Q2 2020 when the majority of G20 countries demonstrated an unprecedented drop in real GDP. In relation to G20 as a whole, GDP decreased by a record 6.9% which markedly exceeded a decline by 1.6% recorded in Q1 2019 at the height of the financial crisis.2 China was the only G20 nation exhibiting in Q2 2020 economic growth by 11.5% which was due to the fact that China was the first to exit the crisis. All other G20 economies reported contraction of GDP by 11.8% on average in Q2 2020 when the pandemic fallout was more pronounced.

Suggested Citation

  • Volovik Nadezhda, 2021. "Russian Foreign Trade in 2020," Published Papers ppaper-2021-1123, Gaidar Institute for Economic Policy, revised 2021.
    • Handle: RePEc:gai:ppaper:ppaper-2021-1123
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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1123.pdf
    File Function: Revised Version, 2021
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    More about this item

    Keywords

    Russian economy; foreign trade; terms of trade; regional pattern;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F19 - International Economics - - Trade - - - Other

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