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The Bank of Russia published the first estimate of the balance of payments of the Russian Federation in January 2024 and revised the estimates for October — December 2023 due to the receipt of additional reporting data as of February 13, 2024.

The current account surplus in January 2024 was $6.4 billion against $0.7 billion in December 2023. The growth in current account surplus compared to December 2023 was due to the decline in deficit of other components of current account with an insignificant changes of trade balance indicators.

Billions of US dollars

Aggregates

2023
(estimate)

October 2023
(estimate)

November 2023
(estimate)

December 2023
(estimate)

January 2024 (estimate)

For
reference:
January 2023

Current account

50.6 5.3 5.0 0.7 6.4 5.4

Trade balance

120.1 10.6 9.0 10.2 9.7 9.5

Balance on services

-34.7 -2.3 -1.9 -4.2 -1.6 -2.4

Balance on primary and secondary income

-34.9 -3.0 -2.1 -5.3 -1.7 -1.7

Key Aggregates in January 2024:

  • the trade balance surplus of $9.7 billion decreased by $0.5 billion compared to the previous month with a simultaneous seasonal drop in exports and imports;
  • the deficit in balance on services declined to $1.6 billion as a result of the reduction in other services and travel services received from non-residents;
  • the total deficit in primary and secondary income totaled $1.7 billion against $5.3 billion a month earlier: the decisive role was played by the seasonal decline in the volume of dividends declared by Russian companies;
  • foreign assets (excluding reserve assets) increased by $3.3 billion (by $2.2 billion a month earlier) mainly in the form of other investment;
  • external liabilities declined by $0.6 billion (increased by $1.1 billion in December 2023), among other things, due to the reduction in debt on outstanding foreign trade settlements, as well as on previously declared dividends.

Key Aggregates in 2023 (the second estimate):

  • the current account surplus estimate in 2023 remained virtually unchanged ($50.6 billion against $50.2 billion according to the preliminary estimate) with a simultaneous increase of estimate of trade balance surplus and deficit in balance on services and secondary income in December 2023);
  • foreign assets (excluding reserve assets) increased by $50.2 billion (by $48.3 billion according to the first estimate). The revision is related to a more significant increase in the debt of non-residents on outstanding foreign trade settlements and other assets in Q4 of 2023 than was reflected in the first estimate;
  • external liabilities in 2023 reduced by $6.2 billion (by $1.8 billion according to the first estimate). The revision is due to a more significant decline in foreign direct investment and debt on loans in Q4 of 2023 than expected in the preliminary estimate.
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Department responsible for publication: Statistics Department
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Last updated on: 13.02.2024