The Central Bank of Russia published an update showing that Russia’s trade surplus increased year on year in the third quarter of 2025, as the value of goods imports fell more than goods exports. Despite the stronger trade balance, the current account surplus was little changed year on year because the deficit in services widened. Goods exports remained below the prior year’s level, reflecting lower global prices for oil, coal and grain, limited oil production, and reduced gas transit. Goods imports declined year on year amid a higher recycling fee, import substitution and weaker domestic demand. The services deficit increased because imports of services grew faster than exports, driven mainly by higher foreign travel spending by Russian tourists; further detail is provided in the quarterly information and analytical commentary “Russia’s Balance of Payments”.
Central Bank of Russia 2025-11-21
Central Bank of Russia reports higher 2025 Q3 trade surplus as current account surplus barely changes year on year
The Central Bank of Russia reported an increase in Russia's trade surplus in Q3 2025 due to a decline in goods imports exceeding that of exports. However, the current account surplus remained stable year on year as the services deficit widened, primarily due to increased foreign travel spending by Russian tourists. Goods exports were impacted by lower global prices and reduced production, while imports fell amid higher recycling fees and weaker demand.