Russia’s foreign trade surplus fell sharply in the first two months of 2026, highlighting weakening export performance and shifting global trade dynamics.

According to data from the Federal Customs Service of Russia, the country’s trade surplus dropped by 33.3% year on year to $14.1bn in January and February, News.az reports, citing TASS.

Total foreign trade turnover reached $99.3bn over the same period, representing a 4% decline compared with a year earlier.

Exports decline while imports rise

Russian exports fell by 9% to $56.7bn, reflecting softer demand and ongoing external pressures. In contrast, imports increased by 3.5% year on year to $42.6bn, contributing to the narrowing of the trade surplus.

Analysts say the divergence between falling exports and rising imports is a key factor behind the sharp contraction in the surplus.

Energy continues to dominate exports

Mineral products, including oil and gas, remained the backbone of Russia’s export structure, accounting for 50.4% of total exports during the reporting period.

On the import side, machinery, equipment and other manufactured goods represented the largest share, making up 48.5% of inbound trade.

This reflects Russia’s continued reliance on external suppliers for industrial and technological goods, despite efforts to boost domestic production.

Asia remains key trade partner

Regionally, Asian countries continued to dominate Russia’s trade flows, accounting for 74.8% of total turnover. However, trade with Asia edged down by 1.6% compared with the same period last year.

Trade with Europe made up 18.3% of the total and declined by 7.8%, reflecting the ongoing impact of geopolitical tensions and reduced economic ties.

Meanwhile, trade with the Americas accounted for 3.8% of total turnover, falling by 9.6%, while Africa represented 3.3%, with a sharper decline of 22.4%.

Outlook shaped by global pressures

The latest figures point to a more challenging external environment for Russia’s trade sector in 2026, as weaker exports and shifting regional dynamics weigh on overall performance.

Economists say future trends will depend on global energy demand, commodity prices and the evolution of geopolitical factors influencing trade flows.

News.Az 

By Faig Mahmudov