Russia: Exports contract for fifth consecutive month
April 25, 2013
In March, exports fell 4.5% over the same month last year, which was an improvement over the 7.2% drop recorded in February but represents, nonetheless, the fifth consecutive decline in exports. In the same month, imports fell 1.1%, which contrasted the 4.4% increase recorded in February. As a result, the trade surplus widened to USD 16.4 billion in March. However, the 12-month moving sum of the trade balance eased to USD 184.6 billion (February: USD 186.4 billion).
Meanwhile, the price for Ural oil - Russia's key export commodity - has moderated further in recent weeks. On 25 April, Ural oil traded at USD 102.39 per barrel, which was 3.6% below the price reached on the same day of the previous month and down 13.1% on a year-on-year basis.
FocusEconomics Consensus Forecast panellists expect exports will grow a paltry 1.6% this year before accelerating to a 4.5% expansion in 2014.
Author: Armando Ciccarelli, Head of Data Solutions