Russia’s current account surplus falls to $10.7bn in November from $17.7bn in October

Russia’s current account surplus falls to $10.7bn in November from $17.7bn in October
Russia’s current account surplus falls to $10.7bn in November from $17.7bn in October. Russia is on course to earn over $250bn from trade this year. / bne IntelliNews
By bne IntelliNews December 12, 2022

According to preliminary data from the CBR, Russia posted a current account surplus of $10.3bn in November, down from $17.7bn in October and $16.5bn last November, but much higher than the surpluses seen in November of 2019 and 2020. (chart)

This brought the current account surplus over 11M22 to $225.7bn. The narrowing of the current account surplus in November was attributable to the goods and services surplus, which shrank to $12.7bn from $19.3bn in October due to lower oil and gas exports and a recovery in imports. This put the goods and services surplus over 11M22 at $269.8bn. With all that being said, the current account data is subject to revision.

“The 11M22 data was generally in line with our expectations. We anticipate a current account surplus of around $10bn in December as well. This would bring the surplus over the full year to $235bn. Next year, we expect the current account surplus to shrink to $120bn due to higher imports and lower exports,” Sber said in a note.

The CBR said in its comments:

  • a decisive role in the current account expansion was played by a record increase in the surplus of the balance on goods and services as a result of the growth in the value of exports of goods due to favourable price conditions with a decline in the imports of goods in January-November 2022 compared to the previous year indicator;
  • a sharp reduction in the imports of goods in second quarter 2022 was replaced by their gradual recovery in the following months of the current year;
  • growth in total deficit in primary and secondary income was mainly related to the decrease in personal transfers from abroad as well as the decline in investment income received by the private sector from investments abroad;
  • the financial account surplus of the balance of payments was formed by both the reduction in liabilities to non-residents and the growth in foreign financial assets.



Billions of US dollars



QI 2022

QII 2022

QIII 2022 (estimate)

Jan—Nov 2022 (estimate)

Jan—Nov 2021

Current account






Balance on goods and services






Balance on primary and secondary income






Source: CBR