Russia: Exports rebound in March
April 29, 2014
In March, exports expanded 5.5% over the same month last year, which marked a rebound over the 12.7% contraction recorded in February.
Imports fell 6.6% in March, which was a smaller contraction than the 9.4% drop recorded in February. The trade surplus reached USD 20.0 billion in March (March 2013: USD 15.7 billion surplus). The 12-month sum of the trade surplus widened in March from February's USD 179 billion to USD 184 billion.
The price for Ural oil, Russia's key export commodity, has picked up slightly in recent weeks amid ongoing tensions between Russia and Ukraine. On 30 April, the Ural oil barrel traded at USD 107.68, which was 1.3% higher than the same day of the previous month and 6.2% higher than in the same day of last year. That said, this figure represents a drop of 1.0% since the beginning of the year.
FocusEconomics Consensus Forecast panelists expect that exports will grow a paltry 0.3% in 2014 and accelerate to a 2.5% expansion in 2015.
Author: Armando Ciccarelli, Head of Data Solutions