August 12, 2022

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Russia, the trade surplus is still increasing, which exceeds 70 billion euros. Exports fell but less than imports

In the second quarter of the year, Russia recorded a budget surplus (the difference between the value of exports and imports) of $70.1 billion (70 billion euros). This is an excess of excess high since 1994, According to what we read in the stats Russian Central Bank. Compared to the first three months of the year The value of exports decreased From 166 to 153 billion, but imports decreased by more than 88.7 to 72.3 billion, and thus the difference widened. After the data was released, the ruble rose 3% against the dollar. The Russian currency has gained 16% since the beginning of the year. Moscow continues to benefit from the large revenues that are guaranteed by the sale of oil and gas, at about $ 20 billion per month.

In the first 100 days of the war, Russia exceeded its profits 93 billion euros through the sale of fuel. Although the exported quantities decreased slightly, the higher prices compensated for the decrease in sales. However, the decline in imports is not a good sign for the Russian economy. The Kremlin recently raised taxes on oil exports to secure additional income, and it still stands Transfer sales to Asian countries (China and India above all) at the expense of European countries that have imposed sanctions and a gradual embargo on Russian oil (not yet in force).

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