Trade surplus shrinks in 2025 Q4
During this period, the trade surplus was lower year on year, as exports of goods declined, while their imports remained stable.
The value of goods exports changed owing to lower global prices for oil, gas, and coal, as well as a reduction in Russian supplies of certain fuels. The reduction in fuel exports was partially offset by increased exports of other products. Concurrently, imports of goods remained approximately at the same level as in 2024.
The deficit in the balance of services expanded because services imports rose more significantly than their exports. The main reason was an increase in foreign travel expenses incurred by Russian tourists.
As a result of the decreased trade surplus and the increased services deficit, the current account surplus narrowed YoY.
More details are available in the information and analytical commentary Russia’s Balance of Payments.