The surplus of the account of the balance of payments of Russia decreased in January-July by 6.5 times
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The current account surplus of Russia’s balance of payments for the first seven months amounted to $25.2 billion, which, according to preliminary evaluation Central Bank, 6.56 times less than in the same period last year.
In July, the current account surplus stood at $1.8 billion after $1.2 billion a month earlier. The positive balance of Russia’s foreign trade in goods in January-July amounted to $64.4 billion, which is almost 3.2 times less than in the first seven months of 2022 ($204 billion).
“The reduction in the surplus of the balance of foreign trade in goods in January-July 2023 was caused by a decrease in the value of exports as a result of a decrease in physical volumes of supplies and world prices for the main goods of Russian exports compared to the same period last year,” the Central Bank said.
At the same time, the value of imports continued to recover – their value in January-July exceeded the level of the same period in 2022. The deficit in the balance of foreign trade in services over the same period more than doubled due to the revival of the tourist flow from Russia abroad.
The combined deficit of primary and secondary income decreased to $18.8 billion compared to $29.7 billion a year earlier “as a result of a decrease in the volume of dividends declared and accrued by Russian companies in favor of non-residents.”
Earlier, Minister of Economic Development Maxim Reshetnikov, commenting on the weakening of the ruble, declaredthat the Russian economy is under pressure from significantly lower export prices. The minister said that this month the agency will send an updated three-year macro forecast to the government, in preparation it will analyze the reasons for the decline in exports and growth in imports, as well as how much the measures taken in this direction are sufficient.
According to preliminary data from the Ministry of Finance, the Russian federal budget deficit for January-July made up 2.81 trillion rubles, or 1.8% of GDP. According to the current budget law, revenues for 2023 are planned in the amount of 26.1 trillion rubles, expenses – 29 trillion, thus, the deficit is expected at the level of 2.9 trillion, or 2% of GDP.
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