Russia: Exports and imports tumble in September
October 29, 2014
In September, exports totaled USD 41.4 billion, which marked a 7.7% contraction compared to the same month last year. The reading followed the revised 3.7% decrease observed in August (previously reported: -2.4% year-on-year) and represented the sharpest fall in seven months. Meanwhile, imports continued to deteriorate in September. Imports plunged 10.6% annually, which followed the 11.5% decrease tallied in August. The reading was the ninth consecutive month of contraction.
The trade surplus totaled USD 15.7 billion in September, which was smaller than the USD 16.1 billion observed in the same month of the previous year. In the 12-months up to September, the trade surplus totaled USD 198 billion, which was virtually unchanged from the reading observed in the 12-months to August.
The price for Ural oil—Russia’s key export commodity—continues its downward trajectory. On 30 October, the Ural oil barrel traded at USD 86.55, which was 6.7% lower than the same day of the previous month. Over the same day last year, the barrel price plummeted 19.4% in October.
Author: Ricardo Aceves, Senior Economist