Russia: Export growth moderates in May
July 23, 2018
Merchandise exports totaled USD 36.5 billion in May, which represented a solid 29.2% expansion from the USD 28.3 billion sum recorded in the same month last year. Higher commodity prices and a solid global economy are helping to support buoyant export growth. That said, May’s growth was below April’s robust 39.0%.
Meanwhile, imports grew 8.8% in annual terms in May, below April’s 14.6% and marking the slowest expansion since November 2016. The trade surplus came in at USD 15.2 billion, which was well above the USD 8.6 billion surplus recorded in May 2017.
The ongoing recovery of Russia’s external sector is more clearly seen when examining the trailing 12-month sum of the trade balance. In May, the trailing 12-month sum of the trade balance hit an over two year high, rising to USD 140 billion from April’s USD 133 billion.