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News // Economy

Russia's trade surplus jumps 42.6 % in 1st 5 months

10 July 2018 , 10:11Neftegaz.RU606

Moscow, July 10 - Neftegaz.RU. Russia's trade surplus surged 42.6 % year-on-year to $81.4 billion in the 1st 5 months this year, the Russian Federal Customs Service said on July 9.


Russia's trade turnover amounted to $ 273 billion in the January-May period, up 23.3 % from the same period last year, the agency said in a statement. Consumer inflation in 2019 is seen overshooting the central bank’s target of 4.0%, the ministry said.


Fuel and energy products accounted for 63.9 % of the Russian exports. The volume of such products increased by 5.2 % and their value grew by 27.8 %.


The economy ministry said higher oil output by OPEC and non-OPEC members will not cause rapid moves in oil prices. Global oil prices have been recovering over the past few months due to the output cut by major oil producing countries and concerns about rising geopolitical risks.


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