Russia: Exports contract for sixth consecutive month
May 30, 2013
In April, exports fell 5.9% over the same month last year, which was a deterioration over the 5.6% drop recorded in March and represents the sixth consecutive decline in exports. In the same month, imports rose 4.9%, which contrasted the 2.1% decrease recorded in March. As a result, the trade surplus narrowed to USD 14.1 billion in April. Consequently, the 12-month moving sum of the trade balance shrank to USD 180.4 billion (March: USD 184.3 billion).
Meanwhile, the price for Ural oil - Russia's key export commodity - has moderated further in recent weeks. On 31 May, Ural oil traded at USD 99.98 per barrel, which was 1.8% above the price reached on the same day of the previous month but down 1.0% on a year-on-year basis.
FocusEconomics Consensus Forecast panellists expect exports will grow a paltry 0.5% this year before accelerating to a 4.3% expansion in 2014.
Author: Armando Ciccarelli, Head of Data Solutions