Russia: Trade balance narrows in May
June 25, 2012
In May, exports added 1.0% over the same month last year to reach USD 44.1 billion. The figure was higher than the 0.2% expansion registered in April. Meanwhile, imports rose 1.1% to USD 28.5 billion, contrasting April's 0.9% drop. As a result of the recovery in imports, the trade surplus narrowed to USD 15.6 billion in May, which represents a slight improvement over the USD 15.5 billion surplus registered in the same month last year but marks, nonetheless, the smallest surplus since August 2011. Meanwhile, the price for Ural oil, Russia's key export commodity, has moderated in recent months amid the intensifying of the Euro area debt crisis as well as prospects of deteriorating global demand. On 9 July, Ural oil traded at USD 98.75 per barrel, which was 3.4% above the price reached on the same day of the previous month but down 6.7% on a year-to-date basis. Export revenues are likely to moderate further going forward, if oil prices remain subdued.
Author: Armando Ciccarelli, Head of Data Solutions