Trade between Russia and the EU in 2022 reached a maximum in eight years
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At the end of 2022, the trade turnover between Russia and the European Union (EU) grew by 2.3%, to €258.6 billion, which was an eight-year high. Imports of European countries from Russia were at the level of a historical maximum, RIA Novosti calculated based on Eurostat data.
The import of goods from Russia to the EU last year increased by a quarter, to €203.4 billion. This is €230 million less than the historical maximum reached in 2012 (€203.6 billion). Exports to Russia fell by 38.1% to 55.2 billion, the lowest since 2005. The EU trade deficit with Russia hit a record €148.2 billion, double the 2021 figure.
The Federal Customs Service reported that in 2022 the physical volume of Russian imports shrunk by 16%. By February 2023, 2.9 thousand Russian organizations fell under the sanctions of foreign countries. A study by the Central Bank (CB) showed that the key problem for business was import restrictions: worsening transportation conditions and the refusal of foreign companies to supply raw materials, components, spare parts and equipment. The Central Bank believes that these problems can lead to a decrease in the competitiveness of Russian exports.
Details – in the material “Kommersant” “Import restrictions hit exports”.
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