May 15, 2020 / 2:01 PM / 13 days ago

Russia's current account surplus shrinks to $23.b bln in Jan-April

MOSCOW, May 15 (Reuters) - Russia’s current account surplus shrank to $23.5 billion in the first four months of 2020 compared with $40.1 billion in the same period a year ago, hit by a drop in Russian exports, the central bank said on Friday.

The current account surplus, which measures the gap between the value of goods and services Russia exports and imports, was hit by a “deterioration of the aggregate external demand and an unprecedented worsening of the situation in the international market for hydrocarbon commodities”, the central bank said.

Russian exports took a hit from a steep drop in oil prices in March, as well as the global decline in demand for commodities due to lockdowns amid the global outbreak of the novel coronavirus.

Net capital outflow from Russia reached $23.9 billion in January-April, down from $27.6 billion in the first four months of 2019, the central bank said. (Reporting by Andrey Ostroukh; Editing by Alex Richardson)

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