Russia: Exports accelerate in April
May 10, 2011
In March, exports added 29.8% over the same month the previous year to reach USD 44.1 billion, which marked an acceleration compared to the 27.7% expansion registered in February. Despite the strong recovery in trade, exports remain below pre-crisis levels. The 3-month sum in exports reached USD 114.1 billion in March, well above the USD 57.3 billion trough recorded in March 2009, but was nonetheless below the August 2008 peak of USD 136.8 billion. Meanwhile, imports jumped 42.6% year-on-year in March, which was above the 39.3% increase recorded in February. Despite imports outpacing exports, the trade surplus remained broadly unchanged, shrinking from USD 17.4 billion in February to USD 17.3 billion in March. Going forward, export revenues are likely to be supported by the rising price for Ural oil, Russia's key export commodity. In the last week of March, the price for Ural oil reached USD 121.05 per barrel, which was 44.4% higher than a year ago, marked the highest price since August 2008.
Author: Armando Ciccarelli, Head of Data Solutions