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Russia’s foreign trade surplus shrinks 2.4 times in 2023 to $140 bln — Customs

The largest imports include machinery, equipment and vehicles

MOSCOW, February 12. /TASS/. The foreign trade surplus of Russia decreased by 2.4 times in 2023 to $140 bln, the Federal Customs Service reported.

In 2023, Russia’s exports plunged by 28.3% to $425.1 bln, imports increased by 11.7% to $285.1 bln. That means that Russia’s trade turnover in 2023 decreased by 19.4% to $710.2 bln.

Export-import breakdown

In the structure of exports, the share of mineral products, including products of the fuel and energy sector, decreased by 4.9 percentage points, to 61.2% ($260.1 bln). The share of metals and products made from them share increased by 2.2 percentage points, to 14.1% ($60 bln). The share of agricultural exports increased by 3.1 percentage points and reached 10.1% ($43.1 bln).

The largest imports include machinery, equipment and vehicles. Their share increased by 5.1 percentage points, to 51.1% ($145.8 bln). They are followed by products of the chemical industry, the share of which decreased by 2.8 percentage points, to 19.5% ($55.7 bln). The third place in imports is occupied by agricultural products, the share of which decreased by 1.7 percentage points to 12.3% ($35.1 bln).

International trade turnover

Exports to European countries plummeted by 68% to $84.9 bln, imports decreased by 12.3% to $78.5 bln. Exports to Asian countries increased by 5.6% to $306.6 bln, imports declined by 29.2% to $187.5 bln.

Exports to African countries grew by 42.9%, to $21.2 bln, imports went up by 8.6% to $3.4 bln.

Meanwhile, Russian exports to the countries of North and South America decreased by 40.4%, to $12.2 bln, imports fell by 11%, to $15 bln.