Main Aggregates of External Sector Statistics in January - June 2022
The current account surplus of the balance of payments of the Russian Federation in January — June 2022 amounted to $146.5 billion, exceeding by $106.8 billion the indicator of corresponding period of 2021. Growth in the surplus in external trade of goods and services played a decisive role. Net lending to the rest of the world was in the form of both a decrease in liabilities to non-residents and the accumulation of financial assets abroad.
The external debt of the Russian Federation decreased during the first half of 2022 to $470.7 billion against $482.1 billion at the beginning of the year.
The net international investment position of the Russian Federation in January — June 2022 grew from $484.8 billion to $510.9 billion due to the advanced increase in foreign assets.
Key aggregates in detail:
— key factors of widening of the surplus in the trade of goods and services to $169.6 billion from $60.5 billion year earlier were an increase in the value of supplies in the context of rising prices for the main goods of Russian exports and a reduction in the value of imports under changed conditions;
— expansion of total deficit of primary and secondary income recorded in the current account was also due to a decline in transfers received from abroad;
— foreign assets of the Russian economy rose by $57.8 billion, liabilities to non-residents reduced by $87.8 billion as a result of continued decline in foreign direct investment in the capital of Russian companies as well as a withdrawal of funds from the accounts of Russian banks;
— reduction of the external debt of the Russian Federation occurred mainly owing to decrease in other sectors’ debt liabilities, which was partially offset by the growth in the general government’s liabilities to non-residents denominated in Russian rubles and related to the revaluation of this debt;
— rise in foreign assets in the international investment position of the Russian Federation by $69.1 billion in January — June 2022 was mainly resulted from transactions recorded in the balance of payments, and growth in liabilities by $43.1 billion is associated with the strengthening of the national currency against the US dollar.