Russia: Imports continued to deteriorate in August and mark sharpest contraction in nearly five years
October 1, 2014
In August, merchandise exports totaled USD 41.5 billion, which marked a 2.4% contraction compared to the same month last year and contrasted the 5.4% expansion registered in July. Meanwhile, imports continued to deteriorate in August. Imports totaled USD 24.9 billion in August, which represented a massive 12.2% contraction. The reading was the eighth consecutive month of contraction and the fastest drop since November 2009.
The trade surplus totaled USD 16.6 billion in August, which came in well above the USD 14.2 billion registered in the same month last year. The 12-month sum of the trade surplus widened from USD 197 billion in July to USD 199 billion in August.
The price for Ural oil—Russia’s key export commodity—continues its downward trajectory. On 30 September, the Ural oil barrel traded at USD 92.72, which was 7.6% lower than the same day of the previous month. Over the same day last year, the barrel price dropped 13.3% in September.
Author: Ricardo Aceves, Senior Economist