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though logistic costs cut margins, Kommersant informs, citing customs data from China. Russian mills shipped 1.3mt of slabs to China from January to August. However, lower prices and increased transport routes (from 1 500 km for Europe to 9 000 km for Asia) lead to low profitability. Separately, Indian and Chinese slab exports to Europe (primarily to Italy) soared more than 3x y/y to 443kt in 8M22, Kommersant writes.
Imports from Russia to Germany in the first half of 2022 amounted to 44.7mn tonnes and around 80% of the goods were imported into Germany directly, the Federal Statistical Office of Germany announced on Wednesday.
German export to Russia tumbled 45.8% y/y in August 2022 and amounted to 1.2bn euro, the German federal statistical authority said on October 14. "In August 2022, Germany exported goods totaling 128.7bn euro, which is 23.1% more than in August 2021. Export to Russia over this period contracted by 45.8% to 1.2bn euro as a result of the conflict in Ukraine and sanctions introduced against Russia," the authority said. Imports from Russia dropped by 6.2% to 2.7bn euro. Imports of petroleum products and natural gas from Russia declined by 12.9% to 1.4bn euro in value terms and by 66.5% to 1.8mn metric tonnes in physical terms. Oil and natural gas were the most important items of import from Russia, along with coke and petroleum products.
The EU sanctions have restricted 33.5% of Russia’s exports of goods and services totaling €29.9bn, the European Commission said in a statement on Tuesday. The ban on exports of services to Russia covers €3bn of services, or 14.6% of the EU’s combined exports of services. About 60% of imports from Russia worth €89.9bn are covered by the restriction measures, the European Commission said.
Russia will increase coal exports from 2024 using all logistics opportunities, Deputy Energy Minister Sergei Mochalnikov said at the Russian Energy Week forum on Wednesday. “Most likely, in 2023, of course, we will not reach the 2022 figures. But from 2024 and for the next five years, we will steadily increase and all those opportunities that logistics restrictions will provide us with will be filled with coal by 100%,” he said.
5.2.2 Current account dynamics
Russia Current Account recorded a surplus of $15.3bn in September 2022, compared with a surplus of $16.5bn in the previous month.
Russia’s current account surplus widened to $51.9bn in the third quarter of 2022 from $47bn in the corresponding period of the previous year, according to a preliminary estimate.
63 RUSSIA Country Report November 2022 www.intellinews.com