Russia: Exports remain robust in January
March 11, 2011
In January, exports added 20.3% over the same month the previous year to reach USD 33.3 billion, which marked a deceleration compared to the 23.6% expansion registered in December. Despite the strong recovery in trade, exports remain below pre-crisis levels. The 3-month sum in exports reached USD 111.0 billion in January, well above the USD 57.3 billion through recorded in March 2009, but nonetheless below the August 2008 peak of USD 136.8 billion. Meanwhile, imports jumped 41.0% year-on-year in January, which was well above the 24.3% increase recorded in December. The strong reading reflected a low comparison base, as imports had grown only 8.0% in January 2010. The trade surplus widened from USD 15.4 billion in December to USD 17.3 billion in January. Going forward, export revenues are likely to be supported by increasing prices for Ural oil, Russia's key export commodity. In the last week of January, the price for Ural oil reached USD 104.69 per barrel, which was 39.01% higher than a year ago, marking the highest price since August 2008.
Author: Armando Ciccarelli, Head of Data Solutions