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Russia posts largest trade surplus since December 2022

Russia has reported its biggest trade balance surplus since December 2022 in March.

The country’s trade surplus widened to USD 18.81 billion in March from USD 12.95 billion in the same month a year ago, the latest data by the Central Bank of Russia showed.

Russia has been recording regular trade surpluses for the past over 20 years because of an increase in exports of crude oil and natural gas.

The March figure far exceeded a consensus of analyst estimates of USD 12.25 billion.

In March, Russia’s total exports increased 2% year-on-year to USD 41.7 billion, supported by a surge in oil and gas prices.

At the same time, total imports plummeted 18.1% year-on-year to USD 22.9 billion in March due to tight central bank monetary policy.

The Russian Ruble was last 0.09% firmer on the day against the US Dollar, with the USD/RUB currency pair trading at 91.2370.

The exotic currency pair was hovering above a one-week low of 90.3700, which it registered on Tuesday.

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