Russian exports fell by $170 billion over the year, – Central Bank of the Russian Federation

The main factor behind this trend was the decline in energy prices.

In 2023, exports of goods from Russia amounted to $422.7 billion, which is $169.4 billion (almost 30%) less than in 2022. This is the preliminary assessment of the Central Bank of the Russian Federation . This is the minimum since 2020, and if we exclude the pandemic year, then since 2018.

It is noted that imports of goods into the Russian Federation last year increased by $27.9 billion (10%) and returned to the pre-war level – $304.4 billion. This was the main factor in the collapse of the current account balance of the balance of payments – almost 5 times from $238 billion 2022 to $50.2 billion.

Analysts believe that the main factor behind this trend was the decline in energy prices. Thus, the average price of the main brand of Russian oil, Urals, in 2023 was 17% lower than a year earlier. Gas exports also fell significantly. In addition, the European embargo forced the Russian coal industry to move to Asian markets, but they encountered problems when exporting raw materials.

According to Rosstat, cited by the media, revenues from all major export items decreased over the year, except food: it brought in $36 billion in January-October – 9.1% more than a year earlier.

Russian economy – latest news

The US government has disclosed data on Russia’s economic problems due to the war . According to the chief economist of the US sanctions department, Rachel Lyngaas, which the FT operates, the Russian economy would be 5% larger than it is now if Putin had not started the war in Ukraine.

UNIAN also reported that, according to Bloomberg, the Russian economy is beginning to recover after sanctions .

(C)UNIAN 2024