The main reason for the change in trade balance is the effect of sanction restrictions. The most painful blows to exports are a reduction in the supply of raw energy supplies and a decrease in their price. Last year, the Russian Federation received $425B from exports (a reduction of $167.4B compared to 2022). The Russian Federation’s biggest gains traditionally result from the sale of mineral raw materials – $260.1B – but these decreased by 34% (Gazprom’s exports have fallen to their lowest since 1985).
Reductions also took place in other priority industrial areas: metallurgy $60B (-15%), chemistry $27.2B (-35%), mechanical engineering $22.9B (-25%), woodworking industry – $9.9B (-30%).
At the same time, there are industries where Russia is increasing its export potential. Export growth of 4.3% occurred in the supply of agricultural raw materials. Here, Russia received $43.1B in revenue from exports to China and other Asian countries.