Foreign trade surplus decreased by 3.4% y/y in Jan-Feb, amounting to USD 31.3bn, data in a report by RosStat shows. In 2013, foreign trade surplus decreased by 6.9% y/y to USD 179bn. The decline rate of the surplus slowed down after 15% y/y decline seen in H1/13 and Q1/13, and 9% y/y seen in Jan-Sep 2013.
Exports’ decline in Jan-Feb intensified as compared to January to -5.8% y/y, amounting to USD 76bn. Imports went down by 7.5% y/y to USD 44.7bn. To compare, exports in 2013 exports declined by 8.9% y/y to USD 523.3bn, while imports went up by 2.6% y/y to USD 344.3bn.
Exports of fuels and energy sources as usual accounted for most of Russia’s exports in Jan-Feb (72.9% of total) dropping by 8.2% y/y. Out of that exports of crude oil amounted for 32.9% of total exports (down by 11.6% y/y) and exports of natural gas for 16.5% of total exports (up by 5% y/y). Exports of metals and metal products that accounted for 7.4% of Russia’s exports in Jan-Feb also went down by 5.4% y/y.
In Jan-Feb, main imports were machinery, equipment and transport (46.2% of total imports, down by 11.3% y/y), followed by foods and agricultural products (15.4% of total imports, down by 1.2% y/y) and chemical products (15.6% of total, down by 11.2% y/y). Declining imports of machinery and equipment throughout 2013 and intensified in Jan-Feb confirms the data on declining capital investment in Russian industry.
Trade turnover with non-CIS, in Jan-Feb, declined by 6.4% y/y to USD 101.6bn (87.5% of total trade turnover), out of which trade turnover with EU countries went down by 7.1% y/y to USD 58.3bn (50.1% of total turnover). Trade turnover with CIS countries was at USD 14.5bn (12.5% of total), going down by 18.8% y/y. China accounted for 12% of Russia's trade turnover (USD 13.9bn), going up by 4.1% y/y in Jan-Feb.
Fitch Ratings revised the outlook on Russia's long-term foreign and local currency Issuer Default Rating (IDR) to Positive from Stable, while affirming the rating at 'BBB-', the agency said on ... more
Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more
Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more