MENA Newswire News Desk: Russia’s trade surplus has surged by 20.2 percent year-on-year, reaching $87.9 billion for January through July 2024, according to the latest data from the Federal Customs Service (FCS). This marks a significant rise from the previous year’s total of $73.1 billion during the same period. The report from the FCS highlights a modest increase in Russia’s exports, which rose by 0.7 percent to $241.0 billion. In contrast, imports saw a sharper decline, dropping by 7.8 percent to $153.1 billion. This shift contributed to the growing trade surplus amid fluctuating global market conditions.
In terms of regional trade flows, Russia’s exports to Europe plummeted by 30.6 percent to $37.4 billion. Conversely, trade with Asia proved more robust, with exports climbing 8.5 percent to $181.6 billion. African markets also saw a significant uptick, with exports there increasing by 27.1 percent to $14.3 billion, and the Americas recorded a 13.5 percent rise to $7.6 billion. Import trends were inversely related, with European imports falling by 11.6 percent to $41.5 billion. Imports from Asian markets decreased by 5.9 percent to $101.1 billion, and those from Africa and the Americas also experienced declines.
The export sectors showed mixed results; mineral products rose by 3.6 percent to $150.5 billion, while metals and metal products, along with food products and agricultural raw materials, saw decreases of 3.8 percent and 4.6 percent, respectively. Chemical products exports also dropped slightly by 1.2 percent to $15.5 billion. This detailed data from the FCS provides a clearer picture of Russia’s trading dynamics as the nation navigates a complex international trade environment.