BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/20
The value of Russian goods exports contracted in January-March by about a third to $60 billion due largely to lower export prices. The average price of Urals-grade crude oil was $32 a barrel for the period, down from $53 a barrel a year earlier. In addition, the growth in export volumes of major commodities slowed or went into decline. Growth in crude oil exports slowed to 4 % y-o-y and the export volumes of oil products shrank by 16 %.
Among key metal products, export volumes of ferrous metals and aluminium went into slight decline, whereas in exports of copper and nickel growth slowed visibly. The ruble’s real effective (trade-weighted) exchange rate in 1Q16 was still 5 % lower than a year earlier.
Export volume trends of select Russian export commodities
Sources: Macrobond / Federal Customs Service of Russia.