Dynamics of Trade Turnover between Russia and Its Main Partners in 2022

Динамика товарооборота России с основными партнерами в 2022 г

Alexander Yu. Knobel and Alexander Firanchuk
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Alexander Yu. Knobel: Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration; of Institute for International Economics and Finance, Russian Foreign Trade Academy

Russian Economic Development, 2023, issue 4, 8-14

Abstract: In 2022, Russia’s trade turnover stood at $850.5 bn and the surplus rose to $332.4 bn. Exports hit a record high of $591.5 bn (+19.9%) on the back of an increase in exports of mineral fuels to the tune of $383.7 bn (+42.8%), which offset the decline in exports of other goods (-7.4%). The share of mineral fuels in exports reached 64.9% (+10.4 p.p.). Imports amounted to $259.1 bn (-11.7% for the year, and -8.0% in the second half of 2022). In the second half of the year, the share of neutral countries in exports and imports increased to 63.6% (+19.7 p.p.) and 74.6% (+24.8 p.p.), respectively. In late 2022, imports stabilized at new levels: there was a six-to-seven-fold decrease in supplies from the UK and the US and a one-and-a-half or two-fold decrease in supplies from other major «unfriendly» countries; at the same time, geographically close neutral Turkey and Kazakhstan raised their supplies to the Russian market the most.

Keywords: foreign trade; exports; imports; «unfriendly» countries; neutral countries; sanctions (search for similar items in EconPapers)
JEL-codes: F10 F14 (search for similar items in EconPapers)
Date: 2023
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