Russia: Exports contract further in November
December 28, 2012
In November, exports dropped 5.3% over the same month the previous year. The result was down from the flat reading registered in October and marked the fifth contraction in the last six months. Meanwhile, imports contracted 2.5%, which contrasted the 7.3% increase seen in October. As a result, the trade surplus widened to USD 15.1 billion in November. Nonetheless, the 12-month moving sum of the trade surplus fell to USD 197 billion in November from the USD 199 billion recorded in October.
Meanwhile, the price for Ural oil - Russia's key export commodity - moderated in recent weeks. On 31 December, Ural oil traded at USD 109.60 per barrel, which is down 0.6% from the price reached on the same day of the previous month. That said, Ural oil ended 2012 trading 3.6% above the price recorded at the end of 2011.
Author: Armando Ciccarelli, Head of Data Solutions