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The value of Russian imports from Belarus has surpassed that of goods arriving from Germany, news service Bloomberg reported on June 8. Figures show a 40% drop in imports to Russia in April compared to the same month in 2021, adding to earlier analysis that found Russian imports had fallen to a two-decade low. In March, Belarusian exports to Russia totalled $1.3bn against Germany’s $1.1bn. The trend continued into April, with Belarus ramping up sales to $1.5bn, while German imports fell to a little over $800mn in response to European Union sanctions against Russian businesses. Falling imports were also seen elsewhere. China, which has so far refused to join international sanctions against Russia, cut exports to $3.8bn in March and $3.7bn in April, despite a year-to-year increase in trade turnover so far in 2022 Falling imports have contributed to the growth of Russia’s trade surplus from $20bn in January to $45bn in April, according to international trade groups.
5.2.2 Current account dynamics
The positive balance of the current account of the balance of payments of the Russian Federation in January-April 2022 amounted to $95.8bn, which is 3.5 times more than in the same period in 2021 ($27.5bn). Such information is contained in the assessment of the balance of payments of the Russian Federation, published on the website of the Bank of Russia.
As noted in the comments of the Central Bank of the Russian Federation, the dynamics of the current account of the balance of payments was determined by the expansion of the positive balance of goods and services against the backdrop of a decrease in imports.
The positive balance of foreign trade in goods and services of the Russian Federation in the first four months of 2022 increased 3 times, to $106.5bn compared to $35.2bn in the same period in 2021.
The cumulative deficit of the remaining components of the current account of the balance of payments increased due to the investment income paid by other sectors. In the financial account of the balance of payments, the growth of assets exceeded the growth of liabilities.
The negative balance of primary and secondary income in January-April 2022 increased to $10.7bn, which is 1.4 times more compared to the same period in 2021, when it amounted to $7.6bn.
According to the previously published estimate of the Central Bank of the Russian Federation, in January-March 2021, according to preliminary estimates, the current account surplus amounted to $58.2bn, the positive balance of foreign trade in goods and services - $66.3bn. Therefore, in April, the current account surplus could amount to $37 .6bn, the surplus in trade in
87 RUSSIA Country Report October 2020 www.intellinews.com