Russia: Exports continue to strengthen
February 11, 2011
In December, exports added 23.6% over the same month the previous year to reach USD 42.3 billion. The reading marked an acceleration compared to the 14.6% expansion registered in November. Despite the recovery, exports remain below pre-crisis levels. The 3-month sum in exports reached USD 112.7 billion in December, well below the August 2008 peak of USD 136.8 billion, but nonetheless above the USD 57.3 billion through of March 2009. Meanwhile, imports grew 24.3% year-on-year in December, which was slightly down from the 26.3% increase recorded in November. As exports grew more than imports, the trade surplus widened from USD 10.8 billion in November to USD 15.4 billion in December. Going forward, export revenues are likely to be supported by increasing prices for Ural oil, Russia's key export commodity. In the last week of January, the price for Ural oil reached USD 92.82 per barrel, which was 29.01% higher than a year ago, and marked the highest price in more than two years.
Author: Armando Ciccarelli, Head of Data Solutions