Russia: Exports expand for fourth consecutive month
October 24, 2013
In September, exports expanded 3.1% over the same month last year. The expansion came in above the 2.3% rise recorded in August and represents the fourth consecutive increase.
Imports rose 5.4% in September, which contrasted the 5.3% drop recorded in August. As a result, the trade surplus reached USD 15.6 billion in September (September 2012: USD 13.7 billion surplus). The 12-month sum of the trade balance was unchanged from last month's USD 179 billion.
The price for Ural oil, Russia's key export commodity has been broadly stable over the course of the past month. On 30 October, Ural oil traded at USD 107.36 per barrel, which was 0.3% above the price recorded on the same day of the previous month. Nevertheless, Ural oil is trading at 1.4% lower on a year-on-year basis.
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