Foreign Trade

    The situation on world commodity markets slightly deteriorated for Russian exporters in February. According to a Bank of Russia estimate, the price of Urals crude in February fell 4.5% to $28.0 per barrel month on month and Brent was down 1.3% to $30.9 per barrel. Petroleum product prices declined 6.6% on average (the price of petrol fell 6.1%, diesel fuel 8.9% and fuel oil 2.5%). The price of natural gas in Europe edged up 0.5%. As non-ferrous metal prices went up 4.5% on average, the price of aluminium rose 4.9% and copper 13.9%, while the price of nickel dropped 1.2%. World prices of major Russian export commodities in February slipped 1.8% on average month on month.

    Exports expanded 1.6% to $12.0 billion in February month on month and imports grew 20.9% to $6.4 billion. Russia’s trade surplus amounted to $5.6 billion in February against $6.5 billion a month earlier.

    The situation on world commodity markets in January-February 2004 was better for Russian exporters than in the same period of 2003. World prices of major Russian exports rose by an estimated 2.2% on average. The price of Urals crude was down 4.6% to $28.7 per barrel and Brent dropped 2.8% to $31.1 per barrel. Petrol prices fell 0.5%, diesel fuel was down 5.4% and fuel oil declined 20.1%. The price of natural gas in Europe rose 6.6%. As non-ferrous metal prices increased 1.3 times on average, the price of aluminium rose 17.6%, copper 60% and nickel 80%.

    According to estimates, the terms of Russia’s trade with foreign countries in January-February 2004 somewhat deteriorated compared to the same period last year due to more rapid growth in import prices.

    Exports expanded 21.8% in January-February 2004 compared to the same period last year, to $23.7 billion against $19.5 billion in January-February 2003. Growth in exports is attributable to a rise in contract prices of practically all major products, except petroleum and fuel oil, and the expansion of import volumes of most goods. The principal contribution to growth in the value of exports was made by non-ferrous and ferrous metals, machinery, equipment and transport vehicles, natural gas and mineral fertiliser. There was an expansion in export volumes of oil, natural gas, aluminium, some ferrous metals, chemical raw materials, mineral fertiliser and cars. The share of energy products in exports contracted, while the share of metals and metal products and machinery, equipment and transport vehicles expanded.

    Imports grew 17.9% in January-February 2004 compared to the same period last year, to $11.6 billion against $9.9 billion in January-February 2003. Imports expanded mainly due to the expansion of the imports of machinery, equipment and transport vehicles. Imports of food and edible raw materials declined. There was a significant fall in meat and raw sugar imports. The share of machinery, equipment and transport vehicles expanded in imports, while that of food and edible raw materials contracted.

    Russia’s trade surplus expanded by more than one-quarter in January-February 2004 compared to the same period last year, to $12.1 billion against $9.6 billion in January-February 2003.

    Exports to non-CIS countries grew 21.2% in January-February 2004 compared to the same period last year, to $20.1 billion, and imports from non-CIS countries rose 16.8% to $9.2 billion. The surplus in Russia’s trade with non-CIS countries increased by $2.2 billion to $10.9 billion.

    Exports to CIS countries rose 25.5% in January-February 2004 compared to the same period last year, to $3.6 billion, and imports from CIS countries expanded 22.5% to $2.4 billion. The surplus in Russia’s trade with CIS countries amounted to $1.2 billion against $900 million in January-February 2003. The CIS share in Russian exports expanded from 14.8% in January-February 2003 to 15.2% in January-February 2004 and the CIS share in Russian imports widened from 19.9% to 20.7%.