CBR lowers estimate for Russia's current account surplus in Q1 to $14.8 bln

MOSCOW. July 3 (Interfax) - Russia's current account surplus shrank by almost 80% to $14.8 billion in the first quarter of 2023 from $70.9 billion in the same period of 2022, the Central Bank of Russia (CBR) said in an updated estimate posted on its website.

The CBR previously estimated the current account surplus at $18.6 billion in the first quarter.

The visible foreign trade surplus fell 64% to $30.2 billion in the quarter from $84.8 billion a year earlier, according to the new estimate. The surplus estimate was raised from the initial $29.0 billion.

The CBR revised its estimates for visible exports and imports in the first quarter upward to $104.6 billion and $74.3 billion, respectively, from $100.8 billion and $71.8 billion. As a result, exports and imports were, respectively, down 32.3% from $154.5 billion and up 6.5% from $69.8 billion from a year earlier.

The estimate for the invisible trade deficit in the first quarter was raised from the previous $4.9 billion to $7.6 billion, which was 110% higher than the figure of $3.6 billion in the first quarter of 2022.

The CBR also lowered its estimate for Russia's foreign debt as of April 1 from $357.9 billion to $354.8 billion, which was down $25.9 billion or 6.8% from $380.6 billion as of January 1, 2023.