Russia: Exports drop in October
November 26, 2013
In October, exports contracted 5.5% over the same month last year. The drop contrasted the 3.3% rise recorded in September and represents the first negative reading after four consecutive periods of expansion.
Imports fell 4.8% in October, which contrasted the 5.3% rise recorded in September. As a result, the trade surplus narrowed to USD 13.4 billion in October (October 2012: USD 14.4 billion surplus). The 12-month sum of the trade balance narrowed from last month's USD 179 billion to USD 178 billion.
The price for Ural oil, Russia's key export commodity, rose over the course of the past month. On 29 November, Ural oil traded at USD 111.69 per barrel, which was 3.5% above the price recorded on the same day of the previous month.
FocusEconomics Consensus Forecast panelists expect that exports will grow a paltry 0.5% this year and then accelerate to a 4.3% expansion in 2014.
Author: Armando Ciccarelli, Head of Data Solutions