FSUOGM: Russia’s current account surplus falls by $16bn to $31bn in 4Q22

The value of imports into Russia in the fourth quarter of 2022 decreased at a slower pace year on year, the Central Bank of Russia (CBR) reported on January 26.

The positive change was driven by the reorientation of imports to countries that had not introduced sanctions against Russia and by the expansion of parallel imports, the CBR said in a report.

“In the fourth quarter, the value of goods and services exports started to decrease y/y, after the increase posted in the third quarter. This took place amid the deteriorating global price environment and tougher restrictions,” the CBR noted.

In the fourth quarter the current account surplus decreased to $31bn versus $47bn for the same period a year earlier.

“This happened mainly due to a reduction in exports due to a less favourable price environment on the world market and tightening restrictions,” the CBR said. “Decreasing pressure on exports was also exerted by weakening demand due to expectations of a slowdown in global economic growth.”

Despite the fall in the last quarter of last year, the CBR pointed out that the overall result for 2022 was good. The current account surplus hit an all-time high of $227bn, almost double the already record high a year earlier of $122bn.

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