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5.0 External Sector & Trade 5.1 External sector overview
Russia’s foreign trade has essentially stabilized at a new baseline of $35 billion/month in exports and $25/billion in imports. Weaker exports due to sanctions and moderating energy prices cost Russia around $14 billion per month compared to 2022.
Russia’s foreign trade surplus went down to $126.9bn in January-November 2023 from $310.1bn in the same period in 2022, according to figures released on the website of the Federal Customs Service.
Russia’s exports decreased to $385.9bn in the reporting period from $538.1bn, while imports rose to $259bn from $228bn. Exports to European countries fell to $78.4bn from $248.3bn, while imports went down to $71.7bn from $80.7bn.
Exports to Asian countries increased to $276.1bn from $257.1bn, while imports - to $169.9bn from $128.7bn.
Trade with African countries grew as well as exports went up to $19.8bn from $12.9bn, while imports - to $3bn from $2.8bn. Meanwhile Russian exports to
59 RUSSIA Country Report February 2024 www.intellinews.com
