Russia is increasing imports of goods. Will the ruble weaken?

July figures were close to those of January, and some partners broke the highs of 2021.

The main growth in July was in East Asia. China should be singled out in the first place. In July, supplies of goods and services from China to the Russian Federation amounted to $6.7 billion.

This is not only one and a half times more than in June, but also 22% higher than a year ago.

For comparison, June imports along the China-Russia route were 17% less than the previous year's result. Overall, trade between the countries in the seven months totaled $97 billion, up 29% YoY.

Recall that the main reason for the strength of the ruble in recent months was a drop in imports of goods. To buy goods abroad, we need to sell the ruble and buy currency. If we sell goods abroad - we get currency, which we sell in the future and exchange into rubles.

In this way the ruble has always been held in the same positively increasing corridor to the dollar. Now the situation is returning to a similar scenario, only instead of the dollar come the Chinese yuan and Indian rupees.