The aggressor country begins to receive 30% less money, while spending 10% more on imports.
In 2023, Russian exports reached $422.7 billion, which is almost 30% lower than the record year of 2022. Not counting the pandemic year of 2020, this is the lowest since 2018. It was reported by Moscow Times on Friday, January 19, with reference to the preliminary assessment of the Central Bank.
Along with falling exports, imports are growing in Russia. Last year, it increased by $27.9 billion (10%) and returned to the pre-war level – $304.4 billion, as in 2021. This is the main factor in the collapse of the current account balance of the balance of payments – almost 5 times from $238 billion in 2022 to $50.2 billion.
According to the Ministry of Finance, the average price of Russia’s main oil brand, Urals, in 2023 will be 17% lower than a year earlier: $63 per barrel compared to $76.1 in 2022. Exports of gas also fell: the result of the gas war released by the Kremlin with Europe There was an almost complete loss of the main export market. The European embargo forced coal miners to move to Asian markets, but when exporting coal they encountered delivery problems. This led to a reduction in production in August – October by an average of 5% per month. There are problems in other industries as well.
According to Rosstat, for 10 months, revenues from all main export items, except for food, decreased: it brought in $36 billion in January-October – 9.1% more than a year ago. Otherwise, the decline ranges from 13% in metals to 23% in machinery and equipment and 37% in chemicals. The main export of raw materials fell by 35% (mineral products – this includes oil and gas).
The decline in exports has not hindered the growth of foreign assets. Despite all the efforts of the authorities – first informal, and then directive, in the form of a presidential order on the mandatory return and sale of most of the foreign exchange earnings of the largest exporter, foreign assets are up $38.3 billion over the year (a year earlier the increase was $101.5 billion) .
It was previously reported that Russia’s budget deficit has been twice as bad as Putin predicted.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.