Russia: Exports accelerate in February
April 11, 2011
In February, exports added 27.7% over the same month the previous year to reach USD 39.0 billion, which marked an acceleration compared to the 11.6% expansion registered in January. Despite the strong recovery in trade, exports remain below pre-crisis levels. The 3-month sum in exports reached USD 112.6 billion in February, well above the USD 57.3 billion trough recorded in March 2009, but nonetheless below the August 2008 peak of USD 136.8 billion. Meanwhile, imports jumped 39.3% year-on-year in February, which was only slightly below the 41.0% increase recorded in January. As a result of the strong acceleration in exports, the trade surplus widened from USD 14.9 billion in January to USD 17.4 billion in February. Going forward, export revenues are likely to be supported by rising prices for Ural oil, Russia's key export commodity. In the last week of March, the price for Ural oil reached USD 111.47 per barrel, which was 47.2% higher than a year ago, marking the highest price since August 2008.
Author: Armando Ciccarelli, Head of Data Solutions