Page 78 - RusRPTJul24

5.0 External Sector & Trade 5.1 External sector overview
The Bank of Russia published the balance of payments, international investment position and the external debt of the Russian Federation in the Q1 of 2024 and revised indicators of 2023 due to the receipt of additional reporting data as of June 28, 2024.
● the trade balance surplus grew to 56.0 billion against 47.6 billion in January – May 2023 due to more significant drop in imports compared to exports. The estimate in April 2024 was increased for exports of goods and decreased for imports, taking into account the received reporting data from the Federal Customs Service;
● the deficit in balance on services decreased to $9.6 billion against $13.2 billion in January – May 2023 mostly due to the decline in imports of travel services against the backdrop of weakening Russian ruble;
● the decline in total deficit in primary and secondary income to $8.3 billion from $13.5 billion a year earlier was affected by both the decrease in the volume of dividends accrued in favor of non-residents and the reduction in personal transfers payable;
● the growth in foreign assets (excluding reserve assets) by $41.4 billion (by $15.8 billion a year earlier) is associated with the acquisition of stakes in the equity of foreign companies and the increase in claims to non-residents on outstanding settlements as a consequence of lags in settlements for foreign economic activity;
● the reduction in external liabilities was $7.3 billion ($6.9 billion in January – May 2023), among other things, due to the reduction in direct investment and the redemption of raised loans;
● international reserves declined by $7.9 billion (by $6.0 billion a year earlier) mainly as a result of transactions with the funds of the National Wealth Fund and transactions to regulate foreign exchange currency liquidity based on currency swap transactions.
Balance of payments overview
billions of US dollars
Key Aggregates
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Current account
15.6
7.7
15.5
11.3
22.6
Trade balance
30.5
26.3
33.4
31.4
33.8
78 RUSSIA Country Report July 2024 www.intellinews.com