Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Business in Brief

$76Bln Trade Surplus

MOSCOW (Prime-Tass) -- The foreign trade surplus jumped $16 billion to $76.3 billion in 2003, the State Customs Committee said Wednesday.

Foreign trade turnover increased 25 percent to $191.1 billion.

Booming exports amid favorable market conditions, as well as growing imports as a result of the increase in domestic demand and Russians' real disposable incomes, led to the surplus, the biggest in nine years, the committee said.

Exports rose 25.3 percent in 2003 to $133.7 billion, while imports increased 24.3 percent on the year to $57.4 billion.

7.5% Industry Growth

MOSCOW (Reuters) -- Industrial output rose 7.5 percent in January compared with 4.9 percent growth in the same month a year ago, Interfax quoted Prime Minister Mikhail Kasyanov as saying on Wednesday.

Industrial output rose 7.9 percent in December 2003, year-on-year, and 7 percent for the year as a whole.

The State Statistics Committee is scheduled to release its official data for January's industrial output Feb. 16.

Kasyanov's data appeared to confirm the trend indicated by a Manufacturing Purchases Index that signaled that the manufacturing economy continued to expand in January albeit at a slower pace due to a slowdown in output and new orders.

Industrial sector growth was seen as an important factor behind a 7.3 percent economic growth in 2003. Officials target a 4.5 percent growth of the industrial sector in 2004.

Aluminum Exports Up

MOSCOW (Bloomberg) -- The government increased aluminum exports to countries outside the Commonwealth of Independent States by 14 percent last year, the State Customs Committee said Wednesday.

Russia exported 3.14 million tons of aluminum to non-CIS countries, the committee said.

Exports of nickel fell 15 percent to 237,900 tons, while copper exports slid 21 percent to 406,800 tons.

The government raised crude oil exports 19 percent to 186.4 million tons (3.74 million barrels per day) to countries outside the CIS, the committee said.

Kiev Joins Bird Ban

KIEV (AP) -- Ukraine has temporarily banned imports of poultry products from Delaware following the discovery of bird flu on a farm in the eastern U.S. state, an official said Wednesday.

Mykola Patsiuk, deputy head of the veterinary department of Ukraine's Agriculture Ministry, said the ban applies not only to meat and eggs, but to feed and feed additives as well.

Ending an 11-month ban in December, Ukraine began accepting American chicken shipments certified to contain no growth stimulants, hormones or other banned additives.

Before the ban, U.S. producers supplied about 90 percent of Ukraine's chicken imports.

Ukraine has banned poultry imports from Vietnam, Thailand and several other Asian countries following the outbreak of bird flu.

Russia banned poultry from Delaware on Tuesday.