Imports grow in 2025 Q2 while exports decline
Imports in 2025 Q2 expanded year on year mainly due to services, including a rise in Russian household spending on foreign travel. Growth of imports of goods was contained by factors such as an increased recycling fee, large commodity stocks, and high interest rates on loans.
Contrastingly, exports remained below the level of 2024. This was due to a decrease in world prices for crude oil and coal, oil production cuts under OPEC+ agreements, a decline in grain stocks, and export quotas.
As a result of the reduction in exports and the increase in imports in US dollar terms, the current account surplus in 2025 Q2 decreased.
More details are available in the new quarterly issue of the information and analytical commentary Russia’s Balance of Payments.