Russia’s commodity-led trade boom entered a 13th straight month in November after exports and imports rose by 23% on a year earlier. Exports to China, of which 59% are crude oil, surged 36% higher. As a result the Russian trade surplus reached the highest on an an annualized basis since April 2016. While energy is the most important sector, the growth in exports has been broad based with copper having risen 89%, steel by 34% and electrical machinery by 29%. Near-term Russian steel exports may face protectionist risks. That could be triggered by forthcoming section 232 case decisions i...