Russia: Exports rebound in September
October 28, 2012
In September, exports rose 2.4% over the same month last year. The reading contrasted the 5.6% drop registered in August and marked the first positive reading following three consecutive contractions. Meanwhile, imports contracted 0.8%, which was a slight improvement from August's 2.5% drop. Meanwhile, the trade surplus reached USD 17.6 billion in September. As a result, the 12-month moving sum of the trade balance reached USD 205 billion in September, up from the USD 203 billion recorded in August. Meanwhile, the price for Ural oil - Russia's key export commodity - moderated in recent weeks, as deteriorating growth prospects curb global oil demand. On 30 October, Ural oil traded at USD 108.86 per barrel, which is 0.9% down from the price reached on the same day of the previous month. As a result, prices for Ural oil are up only 2.9% on a year-to-date basis. If the declining trend persists, export revenues will be negatively affected in the coming months.
Author: Armando Ciccarelli, Head of Data Solutions