Foreign trade surplus in Russia increases to USD114.9B in 9 months
Date
11/12/2024 4:13:31 AM
(MENAFN) Russia’s foreign trade surplus saw a notable increase of 11.55 percent in the first nine months of 2024, reaching a total of USD114.9 billion, compared to the same period in 2023. This surge reflects a significant improvement in Russia’s trade balance, fueled by shifts in both export and import activities. According to data from the Central bank of Russia, the country's exports saw a slight rise of 0.41 percent, totaling USD318.2 billion, while imports experienced a more substantial decrease of 5.2 percent, falling to USD203.3 billion. These changes highlight the evolving dynamics of Russia's foreign trade amid shifting global economic conditions.
The structure of Russia’s trade with different regions showed notable variations during this period. Exports to European countries saw a sharp decline, dropping by 23.3 percent to USD50.1 billion. This decrease in trade with Europe was mirrored by a reduction in imports, which fell by 8.75 percent to USD54.2 billion. These changes reflect the ongoing challenges in Russia’s relationship with European nations, likely influenced by geopolitical tensions and sanctions. Despite the drop in trade with Europe, Russia’s overall export performance remained relatively stable due to stronger demand from other regions.
In contrast, Russia’s trade with Asian countries showed a positive trajectory. Exports to Asia increased by 6.4 percent, reaching USD240.3 billion, a substantial share of the country’s total exports. Meanwhile, imports from Asia also decreased, though at a smaller rate of 3.14 percent, totaling USD135.6 billion. The growth in exports to Asia underscores the strengthening of Russia's economic ties with its eastern neighbors, a trend that has been accelerating in recent years as Russia shifts its economic focus toward Asia in response to Western sanctions and other geopolitical factors.
Looking at the broader trend, Russia's foreign trade surplus experienced a significant decline in 2023, falling by 58.5 percent compared to the previous year, dropping to USD140 billion. This sharp drop in surplus highlights the volatile nature of Russia's trade environment, influenced by both external pressures and changing patterns in global trade. However, the positive growth in the first nine months of 2024 suggests that Russia's foreign trade balance may be on a recovery path, despite the challenges faced in its trade with Europe.
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