The Central Bank of Russia has published its quarterly balance of payments assessment showing that the current account surplus fell year on year in the first quarter of 2026. The decline reflected a smaller trade surplus and a wider deficit in the balance of services. The trade balance weakened because goods imports grew faster than exports. Imports rose more sharply on the back of a stronger ruble and higher demand for foreign machinery, equipment and transport vehicles, while export values increased only slightly, mainly due to non-energy commodity supplies and favourable global prices. The services deficit widened as services imports increased more than exports, driven by higher spending by Russian travellers abroad and construction services provided by non-residents.
Central Bank of Russia2026-05-18
Central Bank of Russia reports lower first quarter 2026 current account surplus as imports outpace exports and services deficit widens
The Central Bank of Russia’s quarterly balance of payments assessment shows the current account surplus declined year on year in the first quarter of 2026, driven by a smaller trade surplus and a wider services deficit. The trade balance weakened as imports, supported by a stronger ruble and higher demand for foreign machinery, equipment and transport vehicles, grew faster than exports, while the services deficit widened on increased services imports, notably higher spending by Russian travellers abroad and construction services.