Russia: Exports pick up in January amid continued rally in oil prices
February 24, 2012
In January, exports added 35.1% over the same month last year to reach USD 41.0 billion. The rise was nearly double the 19.5% expansion registered in December and marked the sharpest increase in exports in the last five months. Meanwhile, imports rose 22.4% year-on-year to reach USD 20.0 billion, up from December's 12.8% increase. As a result of the acceleration in exports, the trade surplus widened from USD 20.4 billion in December to USD 21.0 billion in January. Export revenues are benefiting from the continued pick-up in prices for Ural oil , Russia's key export commodity, which began at the end of 2011. On 29 February, Ural oil traded at USD 121.18 per barrel, which was up 9.7% from the level observed a year before, and 9.6% above the price reached at the end of January.
Author: Armando Ciccarelli, Head of Data Solutions