Page 54 - RusRPTNov23

Foreign obligations rose by $4.3bn in July-September 2023, the Bank of Russia noted, adding that an increase in external liabilities was registered for the second consecutive quarter and it has already offset a net decrease in obligations in the first quarter 2023 (growth by $1.3bn in January-September 2023). An increase in foreign assets is estimated at $16.8bn in the third quarter 2023, which is higher than in the second quarter 2023, mainly due to a rise in other investment in the form of debit debts, including on outstanding foreign trade accounts, the regulator said.
5.2 Balance of payments, current account 5.2.1 Import/export dynamics
Global trade, the engine of the world economy, is experiencing its most rapid decline since the early days of the COVID-19 pandemic, FT reported. Demand for exports of goods declines amid rising inflation, higher interest rates, and service costs. The data for July is quite revealing: global trade fell by 3.2% y/y. This is not just a hiccup or isolated data - it is the most significant drop since August 2020. The World Trade Monitor, an analytical tool from the Netherlands Bureau for Economic Policy analysis, complements this bleak picture with data for June, showing a 2.4% contraction. Export volumes are declining worldwide. Thus, in China, volumes are down 1.5%. In the Eurozone, they are down 2.5%. The US is also not spared, with a 0.6% decline.
54 RUSSIA Country Report November 2023 www.intellinews.com