Russia Sees A 20.2% Increase In Trade Surplus To $87.9 Billion In Jan-July 2024

Russia's trade surplus surged by 20.2% year-on-year, reaching $87.9 billion from January to July 2024, as per data released by the Federal Customs Service (FCS) on Tuesday. The Interfax news agency highlighted that Russia's exports of goods rose by 0.7% to $241.0 billion, while imports dropped by 7.8% to $153.1 billion during the same period.

Exports from Russia to Europe saw a significant decline of 30.6%, amounting to $37.4 billion in the first seven months of 2024. Conversely, exports to Asia increased by 8.5%, totalling $181.6 billion year-on-year. This shift indicates a reorientation of trade towards Asian markets.

The FCS reported that in January-July 2023, Russia's trade surplus was $73.1 billion, with exports at $239.2 billion and imports at $166.1 billion. This comparison shows a notable improvement in the trade balance for the current year.

Russian imports from Europe decreased by 11.6%, reaching $41.5 billion in the first seven months of 2024. Imports from Asia also fell by 5.9% to $101.1 billion, while imports from Africa dropped by 2.6% to $2.0 billion, and those from the Americas declined by 12.3% to $8.1 billion.

In terms of exports to other regions, Russia saw a rise in its trade with Africa and the Americas as well. Exports to Africa increased significantly by 27.1%, totalling $14.3 billion, while exports to the Americas grew by 13.5%, reaching $7.6 billion.

Sector-Specific Export Data

Russian exports of mineral products reached $150.5 billion in the first seven months of this year, marking a 3.6% increase compared to last year’s figures for the same period.

However, not all sectors experienced growth; exports of metals and metal products fell by 3.8%, amounting to $32.8 billion during this period.

The export figures for food products and agricultural raw materials also saw a decline, decreasing by 4.6% to reach $23.9 billion in January-July 2024.

Chemical Industry Exports

Exports of chemical industry products experienced a slight decrease of 1.2%, totalling $15.5 billion over the same timeframe.

This comprehensive data underscores shifts in Russia's trade dynamics across various regions and sectors during the first seven months of 2024.

With inputs from WAM