Russia: Trade surplus widens in June
August 11, 2011
In June, exports added 38.6% over the same month the previous year to reach USD 44.9 billion, which marked a slight moderation compared to the 40.0% expansion registered in May. Despite the slowdown, exports are moving closer to pre-crisis levels. The 3-month sum in exports reached USD 135.5 billion in June, 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 40.1% year-on-year in June, down from the 44.2% increase recorded in May. As a result of imports slowing more than exports, the trade surplus expanded to USD 17.4 billion, up from USD 16.6 billion in May, which had marked the highest reading on record. At the time of writing, the price for Ural oil - Russia's key export commodity - is experiencing heightened volatility. In the last week of July, the price for Ural oil reached USD 116.91 per barrel, which was down from the almost 3-year peak recorded in May, but up 54.4% from the price recorded in July last year. However, prices experienced a strong moderation at the beginning of August, with the price per barrel dropping to USD 113.41 in the first week of the month. If the downward trend continues, export revenues will moderate strongly going forward.
Author: Armando Ciccarelli, Head of Data Solutions