Russian Federation Balance of Trade

Russia recorded a trade surplus of $5.6 billion in December of 2024, narrowing sharply from the $10.9 billion in the corresponding period of the previous year to mark the lowest trade balance since August of 2020, and the lowest for the month since 2002. Exports slumped by 19.2% annually to $31.3 billion, pressured by slowing demand for energy from China, which has been the main target for heavyweight commodity exports for Russia since Western sanctions from 2022. In the meantime, imports fell by a softer 7.5% to $25.7 billion in the period, the first contraction in five months, as a plunging ruble and weaker economy dampened the purchasing power of Russian households and businesses.