Russia rescues oil

According to the Ministry of Economic Development (MED), foreign trade turnover of Russia in the first quarter of this year (January-March) increased by 42,7%. This figure reached 136.6 billion dollars. This is evidenced by the data monitoring MED. "Increase in (...) due to low levels (base) of exports and imports in January-March last year," - explained in the report. In total trade exports accounted for approximately 66.8%, import - 33,2%. "The increase in the value of exports of goods is almost 1.6 times as compared with January-March 2009 was due mainly to rising international prices for exports of basic commodities and Russia, primarily for oil" - the document says. During the first quarter of 2010, exports grew by 59.4% to $ 91.3 billion (of which 79.4 billion dollars account for non-CIS countries, 11.9 billion - the Union of Independent States (CIS)). The volume of imports increased by 17.7% to 45.3 billion dollars. Of these, 38.8 billion dollars accounts for non-CIS countries and 6.5 billion - in the CIS. Moreover, the trade balance for the quarter grew by 2.45 times and reached $ 46 billion. Certainly, the increase in exports due to rising oil prices. Thus, a large trade surplus suggests that the country receives a lot of export proceeds, foreign currency. As a result, the strengthening of the ruble.