Russia Trade Surplus At Nearly 5-Year Low
Russia posted a USD 10.7 billion trade surplus in July of 2015, down from a USD 17 billion surplus a year earlier. It is the lowest value since November of 2010.
Year-on-year, exports plunged 40.2 percent to USD 27.65 billion and imports shrank 41.87 percent to USD 16.97 billion.
On a monthly basis, non-seasonally adjusted exports fell 8.7 percent, while imports rose 2.8 percent.
The fall in oil prices that took place over the last year, and the continued depreciation of the ruble, affected the trade balance for the most.
Also, U.S. and Western sanctions were extended for a further six months to January 31, and Russian government followed them by prolonging food embargo by one year. It led to a significant drop in a trade balance with non-CIS countries (-42.1 percent year-on-year), while almost unchanged with CIS countries.
9/12/2015 1:46:48 PM