Current account surplus drops in 2023 Q1 amid rising imports and declining exports
20 April 2023
News
In 2023 Q1, the current account surplus fell due to a reduced surplus in foreign trade, which approached the average of recent years.
Exports of goods decreased from the 2022 Q1 record high largely due to lower global commodity prices and a higher discount for Russian crude oil. However, the value of exports was higher than in 2021 Q1.
The value of goods imports reached the level of 2022 and exceeded the value for the similar period in 2021. The drop in imports from the EU was offset by the expansion of imports from other countries.
Further details are available in the new quarterly issue of Russia’s Balance of Payments.
