Russia: Exports rebound in January
February 26, 2013
In January, exports expanded 2.2% over the same month last year. The result contrasted the 5.4% drop recorded in December and marked the first expansion recorded in eight months. Imports rose a strong 13.3%, which was up from the 2.4% increase recorded in December and marked the fastest growth in 11 months. Nevertheless, as a result of accelerating exports, the trade surplus widened to USD 18.7 billion in January. In contrast, the 12-month moving sum of the trade balance fell from USD 193.8 billion in December to USD 192.1 billion in January
Meanwhile, the price for Ural oil - Russia's key export commodity - has moderated in recent weeks. On 22 February, Ural oil traded at USD 111.84 per barrel. The figure was down 0.6% from the price reached on the same day of the previous month and down 8.6% on a year-on-year basis.
FocusEconomics Consensus Forecast panellists expect exports will grow a paltry 1.4% this year before accelerating to a 4.5% expansion in 2014.
Author: Armando Ciccarelli, Head of Data Solutions