FCS: Russia’s trade surplus grew by almost 67%
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Russia’s trade surplus at the end of last year amounted to $332.5 billion, which is 66.6% higher than in 2021 ($199.5 billion). This is stated in published by the Federal Customs Service (FCS) materials.
Today FCS resumed publication of a part of the data of customs statistics of foreign trade, presenting data on the value of exports and imports of the Russian Federation for 2022.
Exports in 2022 increased by 19.9% to $591.5 billion, while imports decreased by 11.7%, amounting to $259 billion. In total, foreign trade turnover in 2022 increased by 8.1% compared to 2021. and amounted to $850.5 billion.
The highest growth rates were shown by the turnover of nickel (+181.6%), zinc (+69.5%) and their products, fuel and oil (+42.4%) and silk (+42%).
On March 10, the Bank of Russia reported that the positive balance of foreign trade in goods and services of the Russian Federation in January-February amounted to $15.3 billion, which is 64.8% less than in the same period last year ($43.5 billion). Such dynamics is due to a reduction in the value of exports of goods against the backdrop of a decrease in physical volumes of deliveries and world prices for the main groups of Russian exports, the Central Bank explained. The surplus of the current account of the balance of payments in January-February decreased by 65.9% compared to last year, amounting to $12.9 billion.
The Federal Customs Service decided to temporarily suspend the publication of statistics on Russia’s imports and exports in April last year. The head of the department, Vladimir Bulavin, then explained this step by the need to avoid “incorrect estimates, speculations and inconsistencies in terms of import deliveries.” The FCS published the latest data on imports and exports for January 2022.
In 2022, a number of countries introduced restrictions on conducting foreign trade operations with Russian foreign economic activity participants. A fairly large list of goods fell under the sanctions – from electronics to food. The US and EU have established a total ban on the sale, supply, transfer or export of these goods or technologies to any person or entity in Russia or for use in Russia.
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