Russia's current account surplus down 33.7% to $12.2 bln in Jan-March - Central Bank estimate
MOSCOW. May 18 (Interfax) - Russia's current account surplus amounted to $12.2 billion in January-March 2026, down 33.7% compared to the same period in 2025 when it stood at $18.4 billion, according to the balance of payments estimate published on the Central Bank of Russia's website.
The Central Bank said the surplus narrowed primarily due to higher goods imports.
There was a current account surplus of $10.6 billion in March, seven times the adjusted $1.5 billion surplus in February. The surplus rose 32.5% from $8 billion in March 2025, due in equal measure to a wider trade surplus and a reduction in the primary and secondary income deficit.
The trade surplus narrowed 17.6% to $25.3 billion in Q1 2026, from $30.7 billion a year previously.
The trade surplus in March 2026 was $14.0 billion, up 2.7-fold from $5.1 billion in February 2026 and up 13.8% from $12.3 billion in March 2025.
The services deficit rose to $8.7 billion in Q1 2026 from $7.6 billion a year previously, primarily due to an increase in services imports, influenced by the rise in Russians' spending during foreign trips and the provision of other services by non-residents, including construction services, the Central Bank said. Services exports rose due to the travel and construction services.
Estimate of key Russian balance of payment aggregates in Jan-March 2026, $ bln:
Indicator Jan-March YoY March MoM YoY Current account 12,2 -33,7% 10,6 606,7% 32,5% Goods 25,3 -17,6% 14,0 174,5% 13,8% Exports 98,3 1,2% 41,1 37,5% 15,8% Imports 73,0 9,9% 27,1 9,3% 16,8% Services -8,7 14,5% -2,7 8,0% -3,6% Exports 11,3 9,7% 3,8 2,7% 5,6% Imports 20,0 11,7% 6,5 4,8% 1,6% Balance of primary and secondary income -4,4 -6,4% -0,6 -45,5% -57,1% Receivable 8,7 7,4% 3,2 23,1% 3,2% Payable 13,1 2,3% 3,8 2,7% -15,6% Financial account, excluding reserve assets 14,5 -13,7% 13,3 1008,3% 202,3% Net acquisition of financial assets, excluding reserve assets 15,6 -22,4% 11,1 428,6% 117,6% Net incurrence of liabilities 1,1 -66,7% -2,2 Reserve assets -6,7 13,6% -1,2 -52,0% -20,0% Net errors and omissions -4,4 -40,5% 1,6
