Balance of payments in 2024 Q1: exports develop better than imports

Exports continued to go down as a result of foreign trade restrictions and lower global prices for gas, coal, and a number of metals. However, exports were declining at a slower rate than in 2023 Q1 on the back of higher oil prices. The good harvest and the diversification of supplies also had a positive effect.

Imports fell amid higher interest rates, accumulated stocks of goods, and a weaker ruble year-on-year. Nevertheless, they were supported by stronger domestic demand and a switch to alternative suppliers.

Find details in the quarterly issue of the information and analytical commentary Russia's Balance of Payments.