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months of this year, Kommersant writes , citing Chinese customs data. According to the publication, during the specified period, Russia exported wires for $4.5mn. Deliveries of this product have never been a major export item, but market trends indicate growth prospects, the publication notes. China is refusing copper wire due to high prices for the metal. According to analysts, there is a niche for importing products in the republic.
In May, Russian suppliers increased exports of iron, steel and products made from them to the European Union (EU) to 373.1mn euros. This is the highest figure since 2022, RIA Novosti writes , citing its own calculations based on European statistics. Mainly semi-finished products made of iron or non-alloy steel (175mn euros) and ferroalloys (81mn euros) were supplied. The key buyer was Italy, which increased imports by 1.6 times to 120mn euros. At the same time, the largest increase in supplies from Russian companies - 7.3 times to 78.5mn euros - was noted in the Netherlands. Thus, the agency reports, Russia has become the largest supplier of these metals to the EU, followed by South Korea (366.4mn euros) and India (353.8mn euros).
5.2.2 Current account dynamics
The current account surplus in June 2024 was $4.7 billion against $6.3 billion in May 2024. Its decline is associated with a decrease in the trade balance surplus.
The current account surplus in January — June 2024 increased to $40.6 billion from $23.3 billion in corresponding period of 2023 due to the rise in trade balance and the reduction in deficit in balance on primary and secondary income.
Russia's current account surplus increased in the second quarter of 2024 compared to the same period in 2023, driven primarily by reduced imports and a narrower deficit in primary and secondary income balances, according to the Russian Central Bank's latest report.
The surplus reached $18bn, up from $8bn in the second quarter of 2023. This growth was largely due to a 6% y/y decrease in imports, exacerbated by logistical challenges, and a 1% y/y increase in export value, bolstered by higher oil prices and increased external demand.
In Q1 2024, the current account surplus reached $25.2bn—the highest reading since Q4 2022. At the rate of January-May, the full-year surplus would reach ~90bn (vs. ~$51bn in 2023). Supportive global oil prices and insufficient sanctions enforcement mean that risks are to the upside.
The current account surplus dropped in June from $6.3bn this May to
128 RUSSIA Country Report August 2024 www.intellinews.com