Page 58 - RusRPTOct23

In the year 2022, prior to the imposition of sanctions and amid soaring global energy prices, Russian exports soared to $591bn. This marked the highest export figure in the entire history of the Russian Federation, due to the energy crisis-inspired price spike.
However, as the new year dawned, global prices took a downturn, and the embargo on Russian oil took effect. In the first half of 2023, Russian exports fell by under a third (30%), plummeting from $306bn to $206bn y/y. Nevertheless, this indicator was still above the pre-war level as energy price remain elevated.
A similar trend can be observed in Russian imports. In 2022, imports declined by 13%, but in the first half of 2023, they exceeded the pre-invasion levels. During this period, Russia managed to maintain a trade surplus of $57bn, reflecting a degree of stability in its trade balance.
58 RUSSIA Country Report October 2023 www.intellinews.com