Russia Doubles Current Account Surplus in 2022

Russia’s Foreign Trade Surplus Hits Record High in 2022 Despite Sanctions

Russia’s foreign trade surplus jumped to a record high in 2022, according to preliminary data released by Russia’s Central Bank (BCR). The surplus amounted to 282.3 billion dollars, 1.7 times higher than the 170.1 billion reported the year prior despite the disruption caused by the unprecedented sanctions imposed by the West.

Exports of goods and services increased to 628.1 billion dollars, 14% more than 2021’s 550 billion. The value of imports of goods and services also saw a decline, reducing from 379.9 billion dollars in 2021 to 345.8 billion in 2022.

The sanctions limited the country’s ability to access foreign capital and caused a drop in imported supplies, however the growing prices of Russia’s main export items offset the shortfalls. This helped to push the foreign trade surplus to its highest level since 2013.

The BCR say that methods used in 2022 will be crucial in the country’s goal of continuing to to achieve its highest trade balances.

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