Trade surplus shrinks amid higher imports and lower exports in 2023 Q2
25 July 2023
News
In 2023 Q2, exports declined owing to a drop in global commodity prices. A lower physical volume of supplies due to external restrictions and a slowdown in global economic growth also made a negative contribution.
Imports rose compared to both 2022 Q2 and 2021 Q2. This was supported by refocusing on alternative suppliers, the parallel import mechanism and other government measures to facilitate the importation of goods.
For more details, please see the quarterly issue of Russia’s Balance of Payments.