Russia’s Export Statistics 2023 – 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 2023. 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. Russia’s oil production rose 0.1% in the period from January 1 to 9, to stand at about 10.9 million barrels per day, compared to December 2022.
2. Russian oil exports had risen by 1.2% in early January to 634,400 barrels per day (bpd), while refining volumes increased by 1.4% to 808,400 bpd.
3. Russian oil production has shown resilience in the face of Western sanctions and price caps.
4. Production of Russian oil is expected to fall by 5%-7% in early 2023 in response to price caps on Russia’s crude and refined products.
5. In February 2023, the United States warned Turkey about the export to Russia of chemicals, microchips, and other products that can be used in Moscow’s war effort in Ukraine.
6. Exports to Russia from the European Union fell by $4.6 billion, or 52%.
7. Russian gas exports fell from 185.1 billion cubic meters to 100.9 billion (down 45 percent), the lowest since the collapse of the USSR. In 2023, gas exports may fall by another quarter.
8. Due to sanctions, Russia has to increase discounts to its buyers. Thus, in January 2023, Russian oil was trading at 38$.
9. The European Union’s ban on Russian oil product exports was slated to commence on February 5, 2023.
10. Shipping and pricing issues are key concerns when it comes to the EU’s ban on Russian oil product exports.
11. In January of 2023, Russian Deputy Prime Minister Alexander Novak said that the situation with oil output and exports in the country is stable, despite Western price caps and sanctions.
12. Russia, the world’s second-largest oil exporter, produced 535 million tonnes (10.7 million barrels per day) of crude last year, up from 524 million tonnes in 2021.
13. Interfax news agency reported that Russia may export 30-35 million tonnes of grain in the first half of 2023,
14. According to a report by Rystad Energy, exports to Turkey and North Africa have soared 154% between November and January compared with the same period a year before.
15. Russian exports to South America are likely to stay at “marginal” levels.
16. India is looking to grab a larger share of the Russian export market in the next financial year of 2023 and 2024.
17. According to Bloomberg, Russia’s monthly fiscal deficit reached a record 3.9 trillion rubles in December amid the EU-imposed ban on seaborne crude oil exports and the increasing operational cost of Russia’s invasion of Ukraine.
18. The International Energy Agency (IEA) said that the price caps on Russian oil likely hit Moscow’s revenues from oil and gas exports by nearly 30 percent in January 2023.
+ 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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