Russia: Exports expand at fastest pace in over two years
July 1, 2014
In May, exports expanded 9.0% over the same month last year, which was an improvement over the 6.7% rise tallied in April. May’s result marked the strongest expansion since March 2012.
Imports fell 2.3% in May, which was a smaller contraction than the 8.7% drop recorded in April. The trade surplus reached USD 18.7 billion in May (May 2013: USD 14.4 billion surplus). The 12-month sum of the trade surplus widened in May from April’s USD 189 billion to USD 193 billion.
The price for Ural oil, Russia’s key export commodity, has picked up slightly in the last two months amid ongoing tensions between Russia and Ukraine. On 30 June, the Ural oil barrel traded at USD 109.28, which was 2.3% higher than the same day of the previous month and 6.8% higher than in the same day last year. That said, this figure represents 0.5% increase since the beginning of the year.