Foreign trade was largely deregulated in early 1992, and the trade balance contracted throughout the year; exports declined by 35% to $15.4 billion, while imports fell by 24% to $14.9 billion during the first half of 1992 compared with the same period of 1991. The current account deficit was estimated at $4 billion in 1992, due to the significant decrease in imports. As of the beginning of 1993, there was a dire shortage of hard currency reserves, which severely limited importation possibilities of consumer and capital goods. Since 1993, however, Russia has run a surplus on the current account.
The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of the Russian Federation's exports was $104.6 billion while imports totaled $60.7 billion resulting in a trade surplus of $43.9 billion.
The International Monetary Fund (IMF) reports that in 2001 the Russian Federation had exports of goods totaling $101.6 billion and imports totaling $53.8 billion. The services credit totaled $10.9 billion and debit $19.4 billion. The following table summarizes the Russian Federation's balance of payments as reported by the IMF for 2001 in millions of US dollars.
|Balance on goods||47,839|
|Balance on services||-8,501|
|Balance on income||-3,959|
|Direct investment abroad||-2,533|
|Direct investment in Russia||2,469|
|Portfolio investment assets||-77|
|Portfolio investment liabilities||-730|
|Other investment assets||-577|
|Other investment liabilities||-3,444|
|Net Errors and Omissions||-9,239|
|Reserves and Related Items||-11,266|