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Russia's foreign trade surplus falls to $118.3 bln in 2023 — Bank of Russia

According to the regulator, the current account surplus in December 2023 amounted to $0.6 bln

MOSCOW, January 19. /TASS/. Russia’s foreign trade surplus at the end of 2023 fell by over 2.6 times compared to 2022 and reached $118.3 bln, according to the preliminary assessment of the Bank of Russia.

At the same time, the surplus of the balance of payments account of Russia over the previous year decreased by more than 4.7 times to $50.2 bln.

According to the regulator, the current account surplus in December 2023 amounted to $0.6 bln compared to $4.7 bln in November 2023. Also, compared to 2022, a decrease in the positive trade balance by $197.3 bln to $118.3 bln, was due to a decrease in exports by $169.4 bln to $422.7 bln. This is mainly due to the deterioration in the price environment for the main goods of Russian exports, with an increase in imports of goods by $27.9 bln to $304.4 bln, the regulator noted.

The deficit in the balance of foreign trade in services expanded by $11.4 bln compared to 2022, to $33.6 bln.