Russia: Trade surplus narrows in 2012
February 6, 2013
In December, exports contracted 2.6% over the same month the previous year. The result represented an improvement over the 4.0% drop recorded in November but marked, nonetheless, the sixth contraction in the last seven months. Imports, on the other hand, rose 2.3%, which contrasted the 1.0% decrease seen in November. As a result, the trade surplus widened to USD 18.6 billion in December. In the full year 2012, the trade surplus fell to USD 195 billion, down from the USD 198 billion recorded in 2011.
Meanwhile, the price for Ural oil - Russia's key export commodity - has picked up in recent weeks. On 31 January, Ural oil traded at USD 115.83 per barrel, which was up 5.7% from the price reached on the same day of the previous month and up 4.8% on a year-on-year basis.
Author: Armando Ciccarelli, Head of Data Solutions