Balance of payments: current account surplus reaches all-time high in 2021
27 January 2022
News
The increase in the current account surplus was driven by a surge in the value of exports primarily fueled by soaring global commodity prices.
Moreover, there was an increase in export quantities of individual goods in 2021 Q4 year-on-year. For instance, exports of Russian vaccines largely expanded. Also, exports were supported by the easing of the OPEC+ oil production cuts. However, export quantities of metals dropped due to higher export duties.
In 2021 Q4, the value of goods imports greatly exceeded the level of 2019 Q4 although its growth vs 2020 Q4 slowed down in part due to the global capacity constraints.
Further details are available in the new quarterly issue of the information and analytical commentary Russia’s Balance of Payments.
