Russia: Exports report third consecutive rise
October 3, 2013
In August, exports expanded 5.1% over the same month last year. The expansion came in slightly below the 5.5% rise recorded in July and represents the third consecutive increase.
Imports fell 6.5% in August, which contrasted the 1.5% increase recorded in July. As a result, the trade surplus widened to USD 15.3 billion in August (August 2012: USD 11.3 billion surplus). The 12-month sum of the trade balance rose from USD 177 billion last month to the current USD 181 billion.
In recent months the price for Ural oil, Russia's key export commodity, moderated amid easing geopolitical tensions in the Middle East. On 3 October, Ural oil traded at USD 106.62 per barrel, which was 7.7% below the price recorded on the same day of the previous month and was 1.1% lower on a year-on-year basis.
FocusEconomics Consensus Forecast panelists expect that exports will grow a paltry 0.5% this year and then accelerate to a 4.3% expansion in 2014
Author: Armando Ciccarelli, Head of Data Solutions