Russian current account surplus widened 70% to $39.7 bln in 7M but $0.5 bln deficit seen in July - Central Bank

MOSCOW. Aug 13 (Interfax) - Russia's current account surplus widened 70% to $39.7 billion in January-July 2024 from $23.5 billion in the same period of last year, according to an estimate published on the Central Bank's website.

The trade surplus for goods widened 22% to $76.6 billion from $63 billion.

There was a current account deficit of $0.5 billion in July following a surplus of $5.1 billion in June. The Central Bank said in a commentary that the decline in was largely caused by a seasonal increase in accruals on dividends declared by Russian companies, in imports of services, as well as a slight decrease in the trade surplus.

The trade surplus decreased 30% to $8.1 billion in July from $11.5 billion in June - that estimate was revised upwards - due to the decline in both world prices for some Russian exports and physical volumes. The trade surplus widened 31% from $6.2 billion in July 2023. The current account surplus was close to zero in July 2023 at $0.2 billion.

Estimate of key Russian balance of payment aggregates in 7M 2024, $ bln:

7M YoY July MoM YoY Current account 39,7 69% -0,5 Goods 76,6 22% 8,1 31% -30% Exports 239,2 0% 32,6 3% -8% Imports 162,6 -8% 24,5 -4% 3% Services -21,0 4% -4,2 14% 14% Exports 23,0 -2% 3,2 0% 0% Imports 44,0 1% 7,4 7% 7% Balance on primary and secondary income -15,9 -17% -4,4 100% 63% Receivable 22,1 -19% 3,4 6% 0% Payable 38 -19% 7,8 32% 39% Net acquisition of financial assets, excluding reserve assets 44,6 108% 4,7 -6% 15% Net incurrence of liabilities -4,3 26% 3 2900% -17% Reserve assets -8,8 31% -0,6 50% 200%