Russia: Exports contract in October
November 28, 2012
In October, exports dropped 4.2% over the same month last year. The reading contrasted the 0.5% rise registered in September and marked the fourth contraction in the last five months. Meanwhile, imports rose 5.5%, which contrasted the 2.3% drop seen in September. As a result, the trade surplus narrowed to USD 13.0 billion in October. Consequently, the 12-month moving sum of the trade balance fell to USD 201 billion in October, down from the USD 204 billion recorded in September and marking the lowest result in 10 months. Meanwhile, the price for Ural oil - Russia's key export commodity - picked up in recent weeks. On 29 November, Ural oil traded at USD 109.93 per barrel, which is 1.2% up from the price reached on the same day of the previous month. At the current level, prices for Ural oil are up only 3.9% on a year-to-date basis. That said, if the upward trend seen in recent weeks persists, export revenues would receive a boost in the coming months.
Author: Armando Ciccarelli, Head of Data Solutions