Russian Trade Surplus Rises to 2-Year High

The Russian trade surplus widened to $13.97 billion in March of 2026 from $12.3 billion in the corresponding period of the previous year, the widest in two years. Exports jumped by 15.8% annually to $41.06 billion in the period, also the highest in two years, supported by higher turnover for energy exporters after the outbreak of war in the Middle East halted tanker flows from the Persian Gulf and lifted oil and gas prices across the globe. The jump matched the near doubling of oil export turnover to $19 billion in March., according to data compiled by the IEA, even though flows through the Druzhba pipeline remained halted. Meanwhile, imports rose by 16.9% to $27.10 billion.

Russia posted a trade surplus of $6.6 billion in January of 2026, the third lowest balance since the Covid pandemic triggered a shock in global oil demand and narrowing sharply from the $7.4 billion in the corresponding period of the previous year. Exports contracted by 9.1% from the previous year to $27.5 billion, the lowest in five years, due to lower crude oil prices and the gradual shun of cargoes by Indian refiners following the US sanctions on Lukoil and Rosneft. In turn, imports fell by 7.4% to $20.9 billion, the sharpest decline in eleven months, as a weakening domestic economy limited demand for goods.

Russia recorded a trade surplus of $8.6 billion in November of 2025, narrowing from the $12.3 billion in the corresponding period of the previous year to mark the lowest trade surplus since July of 2023. It was the second-lowest surplus since February of 2022, when the Russian invasion of Ukraine resulted in shocks in global commodity markets and sweeping sanctions against the Russian economy. Exports contracted by 16.2% from the previous year to $32.9 billion, the sharpest decline in nearly two years, due to lower crude oil prices and the gradual shun of cargoes by Indian refiners following the US sanctions on Lukoil and Rosneft. In turn, imports fell by 3.1% to $26.1 billion, a fourth straight decline despite the strength in the ruble, as a weakening domestic economy limited demand for goods.