Customs revealed a trade secret

The Federal Customs Service (FTS) yesterday published data on Russia’s foreign trade for the first time since the start of the military operation in Ukraine. We are talking about the value of imports and exports. The last time such information was provided was in January 2022, then it was closed (as Vladimir Bulavin, then head of the service, explained, “in order to avoid incorrect estimates, speculations and inconsistencies in terms of import deliveries”).

So, the FCS reports that Russian exports in 2022 increased by 19.9%, to $591.5 billion. Imports to the country, on the contrary, fell by 11.7%, to $259.1 billion. As a result, there was a positive trade balance in in the amount of $332.4 billion compared to $199.6 billion in 2021. In general, the foreign trade turnover of the Russian Federation grew by 8.1% in 2022, to $850.5 billion. An obvious reason for the growth in exports is an increase in energy prices. The reduction in imports is caused by sanctions and the severance of trade ties with the West.

Further, Customs plans to publish these data monthly on the 40th day after the end of the reporting period. Other details are not promised. Earlier, we recall, the FCS provided operational data on imports from non-CIS countries and detailed data on imports and exports not by groups (as it is now), but by specific items (for example, oil, gas, cars). Of particular interest were data on countries that the FCS has not yet promised to open. At the same time, the published figures do not fundamentally differ from those that the experts received on the basis of data from trade partners of the Russian Federation. Thus, analysts of the Solid Numbers Telegram channel, according to such mirror statistics, estimated exports in 2022 at $574 billion, imports at $257 billion.

Broken down by commodity groups, the FCS data record a drop in the most important investment imports for the economy (machinery and equipment) – from $36.9 billion in 2021 to $29.8 billion in 2022 (minus 19.1%). The cost of land transport imports (we are talking primarily about cars) decreased from $26.9 billion to $15.7 billion (by 41.5%). Imports of food and agricultural raw materials, on the contrary, increased from $34 billion to $35.7 billion (by 4.9%). Purchases of pharmaceutical products also increased, from $13.8 billion to $16 billion (by 16.3%).

Vadim Visloguzov