Russia's trade surplus falls to $12.46 billion in June

Russia’s foreign trade surplus narrowed to $12.46 billion in June, down from $18.1 billion in May, according to preliminary data released by the country’s central bank.

The decline reflects a combination of reduced export volumes and higher import costs, analysts said, amid ongoing Western sanctions and shifting global demand patterns. Customs data showed exports fell 12% month-on-month while imports rose 8%, driven by higher prices for essential goods and restricted access to alternative suppliers.

The central bank noted that the trade balance remains positive but emphasized volatility in key sectors, including energy and metals, which have been impacted by price fluctuations and logistical challenges. The June figure marks the lowest surplus since March, following a period of volatility in commodity markets.

The central bank’s report did not provide a breakdown of trade partners or specific commodity flows. However, prior releases indicated that trade with China and India has partially offset declines in exports to Europe and the United States.

The narrowing surplus comes as Russia continues to adjust to sanctions imposed after the invasion of Ukraine, with authorities prioritizing import substitution and rerouting trade flows to non-Western markets.