Dynamics of Trade Turnover Between Russia and Its Main Partners in 2022

In 2022, Russia’s trade turnover stood at $850.5 bn and the surplus rose to $332.4 bn. Exports hit a record high of $591.5 bn (+19.9%) on the back of an increase in exports of mineral fuels to the tune of $383.7 bn (+42.8%), which offset the decline in exports of other goods (-7.4%). The share of mineral fuels in exports reached 64.9% (+10.4 p.p.). Imports amounted to $259.1 bn (-11.7% for the year, and -8.0% at the end of H2 2022). In the second half of the year, the share of neutral countries in exports and imports increased to 63.6% (+19.7 p.p.) and 74.6% (+24.8 p.p.), respectively. In late 2022, imports stabilized at new levels: there was a six-to-seven-fold decrease in supplies from the UK and the US and a one-and-a-half or two-fold decrease in supplies from other major “unfriendly” countries; at the same time, geographically close neutral Turkey and Kazakhstan raised their supplies to the Russian market the most