2024-02-13 04:45:42
Russia’s exports to Europe fell in 2023 amid heavy sanctions over its invasion of Ukraine and continued its reorientation towards Asian markets. This is stated in official data of the Russian customs, cited by France Press, which refers to Interfax.
Exports of goods from Russia to Europe last year fell by 68 percent to 78.8 billion euros, according to customs data.
Russian exports are down a total of 28.3 percent from 2022, according to this source, a testament to the ongoing difficulties Moscow faces in trying to replace old European partners with new customers in Asia, Africa and South America .
The Russian economy has been hit by heavy Western sanctions since the end of February 2022 and is facing a partial shutdown of the European market, especially as regards natural gas and oil exports.
Russian exports to Asia last year rose by 5.6 percent (to 284 billion euros), while imports from the Asian continent rose by 29.2 percent (to 174 billion euros), according to Russian customs data.
Russia’s trade balance has reached 130 billion euros, down nearly 60 percent from 2022, when Russia’s invasion of Ukraine sent a spike in global energy prices, a vital source of finance for Moscow.
In the context of a restructuring of the Russian economy, China has become a major economic partner for Moscow for two years, with the total exchange between the two countries reaching 220 billion euros in 2023, a record according to Chinese customs, which they announced in mid- January.
For the first time in history, the value of Chinese yuan stored in Russian banks at the end of 2023 exceeded that of dollars, according to the Russian Central Bank, BTA reports.