Russian exports collapses by $170 billion in one year
Russian exports decreased by 170 billion dollars in one year, according to the information of the Russian service Rosstat, quoted by Rador. According to the source, due to falling oil prices, the Russian economy is in a difficult situation.
Last year, Russian exports amounted to $422.7 billion — $169.4 billion (almost 30%) less than in the record year of 2022 ($592.1 billion) — this is the preliminary assessment of the Central Bank. This is the minimum since 2020, and if we exclude the pandemic year, since 2018.
At the same time, imports increased by $27.9 billion (10%) and returned to the pre-war level — $304.4 billion, as in 2021. This was the main factor in the collapse of the current account balance of the balance of payments — almost 5 times from $238 billion in 2022 to $50.2 billion.
According to the Ministry of Finance of the Russian Federation, the average price of the main brand of Russian oil, Urals, in 2023 was 17% lower than a year earlier: $63 per barrel versus $76.1 in 2022. Gas exports also collapsed: the result of the gas war unleashed by the Kremlin with Europe There was an almost complete loss of the main export market. The European embargo forced coal miners to switch to Asian markets, but they encountered problems when exporting coal, the Central Bank writes with reference to coal companies:
“Tangible losses are being suffered by the largest coal region of the country - Kuzbass, where the decline in exports, which has continued for two quarters in a row, has already led to production reduction in August–October by an average of 5% per month. Plans for the export of coal have not been fulfilled due to a lack of transportation capacity.” There are problems in other industries too.
According to Rosstat, over 10 months, revenues from all major export items decreased, except food: it brought in $36 billion in January-October — 9.1% more than a year earlier. Otherwise, the decline ranged from 13% in metals to 23% in machinery and equipment and 37% in chemicals. The main commodity exports collapsed by 35% (mineral products include oil and gas).
