Page 117 - RusRPTAug24

per barrel.
The import value continued to decrease, down 8% y/y, despite a rise in domestic demand. This decline was partly offset by increased domestic production and import substitution efforts. The share of European imports fell to 26% from 29% in the same period in 2023, while the share of Asian imports rose to 67% from 64%.
Financial Account and Foreign Assets
The financial account surplus (excluding reserve assets) expanded to $17bn in the second quarter 2024 from $6bn in the second quarter 2023. The growth in foreign assets, driven by export proceeds and increased receivables, was a key factor. Foreign assets grew by $17bn, while foreign liabilities increased by $1bn, partly due to accumulated unpaid dividends to non-resident investors from unfriendly jurisdictions.
Russia’s foreign trade surplus rose by 16.3% in January-May 2024 to $64.3bn, according to data provided by the Federal Customs Service. Export amounted to $172.1bn in the reporting period, while import equaled $107.8bn. Export to European countries fell by 37.2% to $26bn, while import lost 16.72% to $28.5bn. That said, Russia’s export to Asian countries gained 10% to $130.4bn, while import from those countries slipped by 4.14% to $71.8bn. Export to African countries increased by 20.73% to $9.9bn, while import remained at the level of January-May 2023 of $1.5bn. Russian export to countries of North and South America went up by 16.33% to $5.7bn, while import from those countries fell by 17.14% to $5.8bn.
117 RUSSIA Country Report August 2024 www.intellinews.com