Page 76 - RusRPTApr24

5.2 Balance of payments, current account
Russia trade balance surplus increased by $1.3bn in February compared to the updated value of January 2024 to $9.1bn.
The increase in exports was more significant compared to the increase in imports; the deficit in balance on services declined by $0.5bn to $1.4bn as a result of the reduction in travel services received from non-residents.
The total deficit in primary and secondary income totalled $2.6bn against $1.4bn a month earlier due to the growth in the value of reinvested earnings and dividends declared by Russian companies.
External liabilities declined by $0.3bn (by $0.7bn in January 2024) with the multidirectional debt dynamics of different institutional sectors.
Foreign assets (excluding reserve assets) increased by $5.4bn (by $4.6bn a month earlier), among other things, in the form of other investment.
International reserves declined by $2.0bn as a result of foreign currency transactions carried out in the domestic market under the fiscal rule.
The trade balance surplus declined by $0.7bn to $17.0bn compared to the corresponding period of 2023 with more significant drop in exports compared to imports.
The estimate for January 2024 was lowered for exports and increased for imports of goods, taking into account the received reporting data.
The deficit in balance on services totalled $3.3bn against $4.5bn in January – February 2023 mainly due to the decrease in imports of services.
The total deficit in primary and secondary income amounted to $4.0bn ($4.7bn a year earlier) affected by the decrease in the amount of paid personal transfers; external liabilities declined by $1.0bn (by $4.4bn in January – February 2023).
Foreign assets (excluding reserve assets) increased by $10.0bn (by $7.9bn a year earlier), among other things, as a consequence of the ongoing extension of settlement terms for foreign economic activities; international reserves declined by $2.9bn as a result of foreign currency transactions carried out in the domestic market under the fiscal rule.
76 RUSSIA Country Report April 2024 www.intellinews.com