Russia's Q4 exports decline as oil prices fall, impacting current account surplus

The value of exports declined in the fourth quarter of 2024, influenced by a drop in global oil prices. This decline was partly due to Russia's reduction in oil production as part of the OPEC+ agreements. Meanwhile, imports increased compared to the previous year, driven by stronger domestic demand.

This combination of reduced exports and increased imports led to a decrease in the current account surplus during the fourth quarter.

Further information can be found in the quarterly issue of the information and analytical commentary titled "Russia’s Balance of Payments."

Preview photo: Yegor Aleyev / TASS