Russia’s Export Statistics 2022 – 18 Key Figures
Russia’s export statistics are a very hot topic due to the ongoing conflict between Russia and Ukraine. This subject is very timely to know the situation of Russia’s export in times of war.
This article will guide you through the latest Russian export statistics available in 2022. We will discuss some topics that are crucial to the situation of Russia regarding its exports.
After reading this article, you will have a great insight into Russia’s export statistics that will allow you to know how the crisis affects not just the export of Russia but all over the world.
Russia’s Ongoing WarWith Ukraine
According to the World Trade Organization (WTO), Russia’s invasion of Ukraine has created immense human suffering. It has also damaged global trade and the WTO warns that low-income countries will be affected the most.
The World Trade Organization says that the prospects for the global economy have darkened since the war started on February 24, 2022. Many economists have now downgraded their expectations for 2022 growth of merchandise trade volumes from 4.7% to 3%.
In a crisis, the World Trade Organization (WTO) stated that trade is needed so everyone can acquire essential supplies. It is calling the attention of governments and other partnered organizations to work together to facilitate trade.
The war has seriously affected the international trade system that prevented the world from recovering from the shocks caused by the COVID-19 pandemic. According to the United Nations Conference on Trade and Development, rising prices inflate international trade. The value of trade in the first quarter of 20922 has increased with energy, metals, and chemicals as major drivers.
The war between Russia and Ukraine has exposed all the vulnerabilities of the world economy and global trade that did not get enough time to recover from the effects of the pandemic.
Food Security Crisis
Ukraine is one of the key players in the world markets for sunflower oil, sunflower seeds, barley, wheat, corn, and colza seeds. It was also one of the World Food Programme’s (WFP) top wheat suppliers before the war began.
Russia’s strategy of blocking Ukraine’s Black Seaports had driven up food prices and created bottlenecks in food commodity supply chains that prevented Ukraine from fully utilizing its exporting capacities.
Although there are alternatives such as using railway routes and other European seaports, it is not a perfect solution for the bottleneck that Russia caused in Ukraine
United Nations Conference on Trade and Development’s (UNCTAD) calculations have shown that price increases on food resulting from the war can go up as high as more than 5% of the import basket of the poorest countries.
Although Ukraine’s Black Sea ports have been unlocked due to the grain export deal, it is only a partial solution to alleviate the food security crisis.
RisingEnergy and Fertilizer Prices
Fertilizers have doubled their prices ever since the Ukraine war began and energy prices are increasing. The World Bank states that the current energy crisis is different from the energy prices that rattled the 1970s.
Although COVID-19 has sparked an increase in oil and coal prices, the current energy crisis is due to the war between Russia and Ukraine. This is due to the fact that Russia is the world’s largest exporter of natural gas and a leading supplier of coal and crude oil.
Russia started increasing the price of natural gas for the European Union (EU) and it will continue to rise as long as the war continues. As winter approaches, the European Union is yet to test its initiatives in cutting its dependency on Russia’s natural gas.
The 18 Key Russia Export Statistical FiguresThat You Should Know
1. Seaborne exports of agricultural products or commodities from Russia have fallen at the start of the invasion.
2. Russia’s total exports have expanded 69.9% year on year in January of 2022.
3. The value of Russia’s energy exports to the EU in the months of March and April was 75% higher than the 2021 levels.
4. The value of natural gas exports has risen to 259% and crude oil has increased to 48%.
5. The value of refined oil exports increased by 77% and coal shipments soared to 130%.
6. Russia accounts for more than 18% of the world’s wheat exports and 14% of fertilizers.
7. Russia controls over a quarter of the world’s natural gas exports, 18% of coal exports, 14% of platinum shipments, and 11% of crude oil exports.
8. If the oil price continues to rise, it will cut rates of economic growth by 20 to 50% for the least developed countries.
9. Russia’s exports have fallen to 5% according to the Kiel Institute.
10. Following Russia’s invasion, weekly oil shipments from Russia declined to -15% at the end of March 2022.
11. Russia has banned ammonium nitrate exports outside the Eurasian Economic Union Bloc.
12. Russia is ranked 24th among services exporters with a share in world trade of 0.9%.
13. Exports of pharmaceuticals from Germany to Russia rose to 215.1 million euros in May 2022.
14. In May 2022, the huge decline in exports to Russia was contrasted with its increased imports.
15. Crude oil and natural gas is the most important export of Russia with an increase in value of 29.3%.
16. Russia recorded its highest current-account surplus in the second quarter of 2022 which is due to fossil-fuel revenues.
17. Russia’s energy exports have switched towards China and India even though the EU still accounted for more than half of Russian energy export revenues in the month of June 2022.
18. Russia’s central bank has stopped publishing detailed trade data after Russia invaded Ukraine.
+ What are Russia’s export statistics
The export statistics of Russia will show you the performance of its exports amidst the war.
+ Is the war between Russia and Ukraine ongoing?
As of October 2022, the war between Russia and Ukraine is still ongoing.
+ What causes the price increase of commodities, especially gas prices?
This is due to the fact that Russia is the world’s largest exporter of natural gas and a leading supplier of coal and crude oil. Thus, the sanctions imposed on its goods will inevitably increase the prices.
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