Russia: Trade surplus narrows in May
July 10, 2011
In May, exports added 40.0% over the same month the previous year to reach USD 44.6 billion, which marked an acceleration compared to the 37.6% expansion registered in April. With the strong recovery in trade, exports are moving closer to pre-crisis levels. The 3-month sum in exports reached USD 134.4 billion in May, which marked the highest level since September 2008 and is not far off the peak of USD 136.8 billion registered in August 2008. Imports rose 44.2% year-on-year in May, up from the 40.9% increase recorded in April. This pick-up saw the trade surplus narrow to USD 16.6 billion, down from USD 19.1 billion in April, which had marked the highest reading on record. That said, while moderating compared to previous month, the price for Ural oil, Russia's key export commodity, remains elevated, boding well for strong export revenues going forward. In the last week of June, the price for Ural oil reached USD 109.40 per barrel, which was down from the almost 3-year peak recorded in April but up 44.0% from the price recorded in June last year.
Author: Armando Ciccarelli, Head of Data Solutions