Russia: Trade surplus narrows in July
September 11, 2011
In July, exports added 35.7% over the same month the previous year to reach USD 42.6 billion, which marked a moderation compared to the 38.6% expansion registered in June. Despite the slowdown, exports are moving closer to pre-crisis levels. The 3-month sum in exports reached USD 132.1 billion in July, which is not far off the peak of USD 136.8 billion registered in August 2008. Imports rose 30.6% year-on-year in July, down from the 40.1% increase recorded in June. As exports slowed more than imports, the trade surplus narrowed from USD 17.4 billion in June to USD 15.2 billion in July. At the time of writing, the price for Ural oil, Russia's key export commodity, is experiencing heightened volatility. In the last week of August, the Ural oil price reached USD 109.20 per barrel, which was up 54.5% from the price recorded in August last year. However, the reading was down 9.8% from the 3-year peak recorded in April this year (USD 121.05 per barrel). If the downward trend continues, export revenues will moderate going forward.
Author: Armando Ciccarelli, Head of Data Solutions