Russia: Exports rebound in February
Merchandise exports totaled USD 34.0 billion in February, which represented a 8.6% expansion from the USD 21.4 billion sum recorded in the same month of 2018. The result contrasted January’s 10.4% contraction, which had marked the first fall since October 2016, and likely partly reflected solid oil exports.
Meanwhile, imports contracted 3.9% year-on-year in February, a larger drop then January’s 1.1% decrease. A weak domestic economy has caused import demand to shrivel in recent months. Accordingly, the trade surplus came in at USD 15.7 billion in February, which was above the USD 12.2 billion surplus recorded in February 2018.
The trailing 12-month sum of the trade balance came in at USD 195 billion, above January’s USD 191 billion result.