9M05 Negative Trade Balance Of Goods Reaches USD 748 Mln.

In January-September, exports of goods grew 6.1% yoy to USD 25.3 bln, while imports shot up by 25.8% yoy reaching USD 26 bln. Concorde Capital: In September, the negative trade balance of goods doubled and the cumulative export surplus dried up and stood at negative USD 0.4 bln in August. If this tendency persists the total foreign trade balance will end the year at ~USD 2 bln, below our estimates of USD 3.2 bln. However, the total foreign trade balance will remain positive thanks to the export surplus in services, and we do not see any reason for this half-year USD 1.5 bln surplus to deteriorate.