Page 52 - RusRPTDec23

5.0 External Sector & Trade 5.1 External sector overview
According to the Federal Customs Service, for the first nine months of 2023, the total volume of trade between Russia and other countries amounted to US$530.2 billion.
Russia’s trade turnover gained 3% in the first half of 2023 compared with the same period in 2019, acting head of the Federal Customs Service Ruslan Davydov said in July.
Booming trade with the rest of the world is making up for the collapse of trade with the EU. Trade between Russia and Europe this year is down more than 3-fold after EU exports to Russia fell to under 2% of total EU trade in the first nine months of this year, from 9.6% in 2022 in the same period, according to Eurostat. The EU now runs a trade deficit with Russia of only €400mn a month or less, down from the pre-war average of about €8bn a month. Russia’s mutual trade with the EU is on course to fall below €100bn this year.
Of the total trade, exports amounted to US$316.9 billion, while imports totalled US$213.3 billion, meaning Russia achieved a positive trade balance in its favour of US$103.6 billion.
52 RUSSIA Country Report December 2023 www.intellinews.com