Imports in the second quarter of 2025 increased compared to the same period last year, primarily driven by higher spending on services such as foreign travel by Russian households. The growth in goods imports was limited due to factors including a higher recycling fee, significant commodity inventories, and elevated interest rates on loans.
Exports during this period fell below the levels recorded in 2024. This decline was attributed to lower global prices for crude oil and coal, reductions in oil production under OPEC+ agreements, reduced grain stocks, and the implementation of export quotas.
The combination of decreased exports and increased imports in US dollar terms led to a reduction in the current account surplus for the second quarter of 2025.
Further information can be found in the latest quarterly issue of Russia’s Balance of Payments information and analytical commentary.
