exclusive of ARCO- managed banks, as well as Sberbank, Vneshtorgbank, and the Russian bank for Development
L. Mikhailov, L. Sycheva, E. Timofeev
In March 2000 Russia’s foreign trade turnover made up USD 12.4 bln., which is at 29.9% more than its respective index of last year. The growth became possible thanks to a significant increase in the value volume of export- from USD 5.9 bln. in March 1999 up to 8.7 bln. in March this year, i.e. at 47.9%. In March 2000 import remained practically at the level of the respective month of the prior year- USD 3.7 bln. ( a 0.3% growth).
Source; Goskomstat of RF
In all, over the Ist Quarter 2000 Russia’s foreign trade turnover grew by 32.6% relative to its respective period of 1999 and made up USD 33.1 bln., including export- 23.4 bln. (50.8% plus), import- 9.7 bln. ( growth at 102.8%).
The significant growth in the Russian exports was determined by the ongoing favorable state of affairs in the international market.
With the OPEC countries’ decision on raising oil output quotas by 1.45 mln. barrel/day ( more than 6%) since April 1, the oil prices demonstrated a sharp fall. In the first decade of April, the price for Brent oil dropped to USD 21.32/barrel, and for Urals- to USD 19/barrel. However, since the second decade of April the oil prices have begun to rise, and the growth was caused by the information on the contraction of oil and black oil stock in the US. By late- April the price for Brent exceeded USD 23/ barrel, and by late- May USD 27/barrel.
The situation with prices for natural gas is emerging with some time lag relative to the oil market, and the average monthly price for the Russian gas grew by 19% between January to April. According to some experts, in the IInd half 2000, the prices for gas should stabilize, with a consequent decline by late- 2000.
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