Stronger balance of payments in Q3
The current account surplus expanded relative to the previous quarter, as the value of exports increased, with the value of imports remaining unchanged. In addition, there was a decline in the amount of dividends payable by Russian companies to non-residents.
The value of exports increased against the previous quarter because of higher oil prices. Its growth was also supported by the good harvest of grains and the diversification of export destinations. However, sanctions restrictions and decisions to cut exports of some goods were hindering growth in the physical volumes of exports.
The recovery of imports was stopped in part due to a weaker ruble. Nevertheless, it was still supported by rising domestic demand, refocusing on alternative suppliers and the parallel import mechanism.
For more details, please see the quarterly issue of Russia’s Balance of Payments.