OREANDA-NEWS  On 20 October was announced, that according to the State Statistics Committee the merchandise trade deficit was USD 12.5bn in 8M2008, which was 110% higher than in 8M2007, yet decelerated its growth rates from 7M2008 (up 136%, y/y). In particular, the amount of exports increased by 48.5%, y/y in 8M2008, exceeding the growth rates of 7M2008 (46.6%, y/y), while imports maintained its growth rates of 60%, y/y in 8M2008 similar to 7M2008.At the same time the monthly growth rates of both exports and imports slowed down from 80% and 70%, respectively in July to 60% in August. The acceleration in the exports growth was mainly due to the increase in the exports of grain (up 165%, y/y in 8M2008), which made up 4.2% of the total exports. Ferrous metals and mechanical equipment made up 38.1% and 9.0% of the total exports in 8M2008, slightly down from 38.9% and 9.1%, respectively in 7M2008. Meanwhile, the main import contributors were oil and natural gas (27.2% in total imports), mechanical equipment (15.5%) and transport services (14.8%).