Russia: Exports moderate in February
March 23, 2012
In February, exports added 14.7% over the same month last year to reach USD 45.0 billion. The rise was down from the 32.2% expansion registered in January and marked, in fact, the slowest increase in exports since January 2011. Meanwhile, imports rose 15.9% to reach USD 25.3 billion, down from January's 20.1% increase. As a result of the deceleration in exports, the trade surplus narrowed from USD 20.5 billion in January to USD 19.7 billion in February. Despite the monthly slowdown, exports are expected to benefit from the continued pick-up in prices for Ural oil Russia's key export commodity, which began at the end of 2011. On 30 March, Ural oil traded at USD 120.81 per barrel, which was 0.3% below the price reached at the end of February but up 8.4% from the level observed a year before.
Author: Armando Ciccarelli, Head of Data Solutions