In July, exports were unchanged at the USD 42.0 billion recorded last year. The flat reading represents an improvement compared to the 7.7% contraction registered in June. Meanwhile, imports expanded 9.5% to USD 30.1 billion, contrasting June's 3.4% decrease. As a result, the trade surplus narrowed to USD 11.9 billion in July, which represents a deterioration over the USD 14.5 billion surplus registered in the same month last year and marks the smallest surplus since November 2010. Meanwhile, the price for Ural oil - Russia's key export commodity - picked up in recent weeks, as the EU ban on Iranian oil, approved in January and which came into force on 1 July, spurred demand for Russian crude. On 4 September, Ural oil traded at USD 115.28 per barrel, which was 4.8% above the price reached on the same day of the previous month and up 8.9% on a year-to-date basis. If the upward trend continues, export revenues are likely to pick-up going forward.
Russia Trade Balance
Trade surplus narrows to lowest level in almost two years
August 24, 2012
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Russia Economic News
October 17, 2016
Industrial production shrank in September, falling at the fastest pace seen in 8 months.
October 7, 2016
Russian households were less pessimistic in Q3 thanks to falling inflation, the gradual recovery in real wages and the stabilization in the ruble.
October 5, 2016
Business activity in Russia’s manufacturing sector continues to show signs of improvement.
October 4, 2016
In September, consumer prices increased 0.2% over the previous month, which was up from the flat reading registered in August.
October 3, 2016
In August, Russian exports totaled USD 22.7 billion, which marked a 9.5% annual contraction (July: -17.5% year-on-year) and represented the softest decrease since October 2014.