Over the second quarter of 2024, the current account surplus increased year-on-year, primarily due to shrinking imports.
The reduction in goods imports was associated with logistics issues as well as import substitution to a certain extent. On the other hand, imports were supported by growing domestic demand.
The value of exports rose, driven by higher crude prices, rising external demand, and supply diversification.
More details are available in the new quarterly issue of the information and analytical commentary Russia’s Balance of Payments.