Central Bank: Russian foreign trade surplus in January-February decreased by 2.8 times year-on-year
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The positive balance of Russia’s foreign trade in goods and services decreased by 2.8 times compared to the same period in 2022 and amounted to $15.3 billion. This follows from data Central Bank.
The regulator’s message states that the decrease in the foreign trade surplus is due to a decrease in the volume of exports of goods against the backdrop of a decrease in the number of deliveries. World prices for the main goods exported by Russia also declined during this period.
The surplus of the current account of the balance of payments of the Russian Federation, follows from the data of the Central Bank, decreased in January-February 2023 by 2.9 times compared to the same period in 2022 ($37.7 billion).
In 2022, the number of Russian companies under sanctions almost doubled, from 1.6 thousand to 2.9 thousand. The Central Bank noted that under such conditions, Russian exports may lose competitiveness and decrease even if supplies are redirected to friendly countries. In 2023, the difficulties of companies may worsen, including due to the expansion of the secondary sanctions regime and the loss of already new supply chains.
Read more about how sanctions will affect Russia’s foreign trade in the material. “Import restrictions hit exports”.
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