MOSCOW, July 2 (RIA Novosti) - Russia's trade surplus declined 18.6% to $51.5 billion, year-on-year, in January-May, the economics ministry said Monday.
"Considerably higher rates of import growth [40.1%] over export growth [8.7%] caused a 18.6% decline in trade surplus in January-May 2007, compared to January-May 2006," the Ministry of Economic Development and Trade said.
Exports stood at $128.9 billion in the reporting period, against $118.5 billion in January-May 2006. Imports were $77.4 billion, compared to $55.3 billion in the same period last year.
"Lower export growth against the same period last year was primarily due to lower exports of fuel and energy products," the ministry said.
Foreign trade turnover increased 18.7%, year-on-year, to $206.3 billion. Trade accounted for $31.3 billion (a 26.9% growth) with former Soviet republics and for $175 billion (a 17.4% growth) with other countries.
The ministry also said investment in Russia's fixed assets expanded 20.8%, year-on-year, in January-May. The indicator was 9.8% for January-May 2006.
"A boost in investment activity in January-May 2007 was mostly represented by investment in the mining, electricity and pipeline transportation sectors, as well as thriving construction," the ministry said.
