Export and import levels are at historic highs

Bank of Russia published yesterday refined statistics of exports and imports, which is calculated on the basis of payments and balance of trade of the Russian Federation. Published data indicate that the summer of 2011, the economy of the Russian Federation reached an absolute record on basic indicators of the trade balance.

Thus, the aggregate quarterly exports of goods and services in the second quarter of 2011 for the first time rose above $ 150 billion, imports — over $ 100 billion seems that these figures generally will not be adjusted — so, despite the fact that the oil in the reporting period was somewhat cheaper than the previous peak period of the second quarter of 2008, it was in June 2011, the total Russian exports of goods and services reached an absolute record, reaching $ 150.8 billion


 Photo source:kommersant.ru

The balance of trade in goods and services remained at the same level of about 30% of gross exports — historically it was negative only in the first quarter of 1998, in recent years, it has decreased significantly only in the first quarter of 2009 (up to 15% of exports).
It is possible that, in absolute terms in the third quarter record of the second quarter will be beaten, it is nevertheless clear that in terms of export revenues are likely to present situation, which is perceived by players as a "crisis" or "pre-crisis expectation" is the best of all that have ever been observed in the Russian Federation.

According to the Central Bank of seasonally adjusted data from 2008 have not changed the volume of oil exports from the Russian Federation (in a record quarter, exports totaled 62 million tons, the average quarterly volume of exports in 2008 — about 60 million tons, in fact, these figures have not changed since 2003 years). Exports of petroleum products from the Russian Federation, as well as gas exports, in contrast, increased from 2008 levels — in the second quarter of 2011, exports of oil products amounted, according to Central Bank data, 31 million tons (which is slightly less than in 2009-2010, but higher than 2007 levels -2008 years). Gas exports, which peaked in early 2011, was 53.3 billion cubic meters. m — for the second quarter of data is a record figure in the history of the Central Bank settlements.

Finally, the level of foreign income receivable in the third quarter of 2011, according to data of the Central Bank, are also likely to be a historical record: in the second quarter of 2011 they amounted to $ 27.3 billion, of its export revenues surge in oil prices reflected in the statistics of the last quarter with some lag. The income receivable in the statistics of the Central Bank amounted to $ 10.6 billion — is a far cry from the quarterly historical records in 2008.

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