Russia - Balance of payments



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.

Russia

Current Account 34,621
Balance on goods 47,839
Balance on services -8,501
Balance on income -3,959
Current transfers -759
Capital Account -9,378
Financial Account -4,738
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

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