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Russian exports plunge 28% in 2023, Reuters reports

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Russia’s overall export volume fell by almost a third (28.3%) in 2023, and deliveries to Europe decreased by 68%. Meanwhile, Russia’s export and import dependencies in Asia increased.

Source: Reuters

Reuters, citing Russia’s customs service, said Russia’s total export volume decreased by 28.3% to US$425.1 billion in 2023. The most significant decline was in supplies to Europe, falling by 68% to US$84.9 billion.

In contrast, exports to Asia increased by 5.6% to US$306.6 billion. The share of this region in Russian exports significantly rose from 49% in 2022 to 72% in 2023.

Overall, Russia’s imports increased by 11.7% to US$285.1 billion. Meanwhile, imports from Europe decreased by 12.3% to US$78.5 billion, while imports from Asia grew by 29.2% to US$187.5 billion.

Background: 

  • On 18 December 2023, the EU approved the 12th package of sanctions against Russia. Specifically, the restrictions targeted the diamond industry of the aggressor country and the export of a range of goods to the Russian Federation.

  • Additionally, the EU proposes to introduce new sanctions against 55 companies and more than 60 individuals assisting Russian aggression against Ukraine. The new restrictions will focus on the military and technology sectors.

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