Russia: Exports contract at fastest pace in five months, imports continue to deteriorate
August 29, 2014
In July, exports totaled USD 40.1 billion, which represented an 8.4% contraction over the same month last year. July’s decrease followed the 2.6% contraction reported in June and marked the fastest fall since February.
Meanwhile, imports continued to deteriorate in July. Imports totaled USD 28.8 billion in July, which represented a 4.8% annual decrease (June: -5.2% yoy), marking a seventh consecutive month of contraction. The trade surplus totaled USD 11.3 billion in July, which was below the USD 13.5 billion registered in the same month last year. The 12-month sum of the trade surplus narrowed from USD 193 billion in June to USD 191 billion in July.
The price for Ural oil—Russia’s key export commodity—continues its downward trajectory. On 29 August, the Ural oil barrel traded at USD 100.37, which was 6.1% lower than the same day of the previous month. Over the same day last year, the barrel price dropped 14.2% in August.
Author: Ricardo Aceves, Senior Economist