Thursday, March 30, 2023

Russia’s trade surplus increased 68.5% in 2022 despite sanctions

Russia obtained a trade surplus of US$332.4 billion in 2022, which represents an increase of 68.5% compared to the previous year, thanks to an increase in exports and despite Western sanctions against the country’s economy due to its military campaign in Ukraine. .

According to the Russian Federal Customs Service (FTS), which today resumed the partial publication of statistical data on foreign trade after canceling them in April 2022 as a result of sanctions, the country managed to increase exports last year despite everything. 19.5%, up to US$591.5 billion.

Imports, on the other hand, fell 11.7%, to US$259.100 million.

The FTS does not publish the destination of products from Russia, which has tried to strengthen its presence in the Asian and Middle Eastern markets following Western sanctions.

According to the FTS, last year Russia increased the export of mineral fuels, oil and refined products, bituminous substances by 42.8%, up to US$383.7 billion.

Russian Deputy Prime Minister Alexander Novak previously said that Russian oil exports in 2022 amounted to 242 million tons, an increase of 7.6%.

Imports of oil and petroleum products also grew in 2022, by 5.3%, to US$2.6 billion.

In turn, the volume of exports of food products and agricultural raw materials from Russia increased by 14.8% compared to 2021 and amounted to US$41.3 billion.

At the same time, imports of these products increased by 4.9% to US$35.7 billion.

In total, the turnover of food products and agricultural raw materials in the Russian Federation increased by 10% in 2022, to almost US$77 billion.

Fertilizer exports increased by 54.3% to US$19.295 million, while imports doubled to US$351.6 million.


Please enter your comment!
Please enter your name here

Latest article