Page 93 - RusRPTJun24

While sanctions depressed exports, import opportunities improved from 2022. This had a more negative impact on GDP than anticipated. The value of Russian exports based on prevailing prices last year amounted to a mere 23 % of GDP, the smallest share in Russia’s post-Soviet statistical record and a stunning indicator of how isolated the country has become, reports BOFIT.
According to preliminary balance-of-payments figures released by the CBR, the seasonally-adjusted value of goods and services exports in the first quarter was close to the level of previous quarters.
The International Energy Agency estimates the export price of Russian crude oil averaged about $70 a barrel in January-March, or about the same level as in the fourth quarter of last year. The volume of exported petroleum products contracted in the first quarter with the reduction in Russia’s refining capacity from Ukrainian drone strikes and the government’s ban on gasoline exports at the beginning of March. The reduction in exports of petroleum products, however, has been offset by increased exports of crude oil. Prices of many of Russia’s top export commodities have fallen and Western sanctions have been imposed on new categories of Russian goods such as precious stones. The redirection of Russian exports to Asian markets continues. Russian Customs reports that Asia accounted for 77 % of Russian goods exports in
93 RUSSIA Country Report June 2024 www.intellinews.com