Russia: Export growth soars in July
Merchandise exports totaled USD 34.4 billion in July, which represented a strong 39.5% expansion from the USD 24.7 billion sum recorded in the same month last year. Moreover, growth came in above June’s already robust 23.8% expansion. A healthy global economy and higher commodity prices are fueling buoyant export growth.
Meanwhile, imports grew 0.9% in annual terms in July, slightly below June’s subdued 1.1% increase and marking the slowest expansion since July 2016. The trade surplus came in at USD 13.4 billion, which was significantly above the USD 3.8 billion surplus recorded in July 2017.
The trailing 12-month sum of the trade balance further testifies the strength of the external sector’s ongoing recovery: In July, the trailing 12-month sum of the trade balance hit an over two-and-a-half-year high, rising to USD 156 billion from June’s USD 146 billion.