Russia: Exports experience seventh consecutive drop
June 26, 2013
In May, exports fell 5.3% over the same month last year, which was a deterioration over the 2.3% drop recorded in April and represents the seventh consecutive decline in exports. In the same month, imports fell 7.0%, which contrasted the 10.3% rise recorded in April. As exports fell less than imports, the trade surplus widened to USD 16.9 billion in May from USD 14.2 billion in April. Nevertheless, the 12-month moving sum of the trade balance shrank to USD 177.7 billion (April: USD 178.1 billion).
Meanwhile, the price for Ural oil - Russia's key export commodity - picked up in recent weeks. On 3 July, Ural oil traded at USD 106.84 per barrel, which was 5.8% above the price reached on the same day of the previous month and 7.6% higher on a year-on-year basis.
FocusEconomics Consensus Forecast panellists expect exports will grow a paltry 0.5% this year before accelerating to a 4.3% expansion in 2014.