Monday, April 15, 2024

Russia, a trade surplus of 332.4 billion. Putin’s Economic Boom – Il Tempo

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The effects are not what the West hopes for. Russia recorded a trade surplus of $332.4 billion in 2022, up 68.5 percent from the previous year, thanks to an increase in exports despite sanctions that followed the war in Ukraine. According to the Russian Federal Customs Service (FTS), which today resumed partial publication of foreign trade statistics after it was canceled in April 2022 due to sanctions, the country managed to increase exports by 19.5%, reaching $591.5 billion last year. On the other hand, imports decreased by 11.7% to $259.1 billion.

The FTS does not publish the destination of the products; Last year’s exports of mineral fuels, petroleum, refined products and bituminous materials rose 42.8% to $383.7 billion. Russian Deputy Prime Minister Alexander Novak said that Russia’s oil exports in 2022 amounted to 242 million tons, an increase of 7.6%. Imports of oil and petroleum products also grew by 5.3% in 2022 to $2.6 billion. The volume of Russian exports of food products and agricultural commodities increased by 14.8% compared to 2021 and amounted to $41.3 billion. Imports of these products increased by 4.9% to reach $35.7 billion. In all, sales of food and agricultural commodities in the Russian Federation increased by 10% in 2022, to nearly $77 billion. Fertilizer exports increased by 54.3% to $19.295 billion, while imports doubled to $351.6 million. Sanctions do not appear to be effective.

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Ike Walton
Ike Walton
"Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver."
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