Current account surplus drops in 2026 Q1
The current account surplus was down in 2026 Q1 year on year due to a decrease in the trade surplus caused by faster growth in imports along with a wider deficit in the balance of services.
The drop in the trade balance resulted from goods imports outstripping exports. A more significant increase in goods imports was driven by a stronger ruble and higher demand for foreign machinery, equipment, and transport vehicles. The value of exports edged up, mainly on account of supplies of non-energy commodities in part due to favourable global prices.
The deficit in the balance of services widened owing to services imports rising more notably than exports. The growth in services imports was driven by increases in expenses incurred by Russian travellers abroad and construction services provided by non-residents.
More details are available in the quarterly information and analytical commentary Russia’s Balance of Payments: Assessment.