Russian foreign trade surplus increased by more than 1.8 in 2022

Russia’s foreign trade surplus in January-November 2022 amounted to $269.8 billion, which is more than 1.8 times more than in the same period last year. This follows from report Central Bank.

According to the regulator, the current account surplus of the balance of payments of the Russian Federation in January-November 2022 also continued to expand and amounted to $225.7 billion. Compared to the corresponding period in 2021, it more than doubled.

The expansion of foreign trade surplus, according to analysts of the Central Bank, is caused by an increase in the price of exported goods and a decrease in the cost of imports. Imports to Russia fell sharply in the second quarter, with a gradual recovery in the following months, the Bank of Russia said.

For January-October 2022, the foreign trade surplus made up $257 billion, twice as much as last year, the regulator calculated. Then the Central Bank also explained the reasons for the growth of the surplus by the increase in the cost of exports and the decrease in the cost of imports.

Erdni Kagaltynov