Russian exports excluding fuels tumble by 23% in 2023, contradicting Putin's claims of a diverse economy
Citing data from the Ministry of Industry and Trade, The Moscow Times reported that Russian companies sold goods abroad worth $146.3 billion in 2023. This figure represents the value of exports, excluding raw materials and fuels.
4:46 PM EST, February 14, 2024
The value of these exports hasn't been this low in seven years. For reference, in 2017, it was $133.9 billion. The last time the value of this export matched that of the previous year was in 2012, when it was around $145 billion.
These statistics contradict Vladimir Putin's claims that Russia has moved beyond being a fuel supplier. According to the portal, the Russian economy is quickly losing its ability to export anything other than mineral raw materials.
Additionally, the portal points out that in 2022, the value of exports, excluding raw materials and fuels, reached $190.4 billion and was even higher - $194.2 billion - a year prior.
Decline in trade with Europe
Recently, Reuters reported that in 2023, the total value of all Russian exports, including energy raw materials, fell by 28% to $425.1 billion. Due to sanctions, Russia's trade with European nations has significantly declined, while trade with Asian countries has increased.
The value of Russian exports to Asia has grown to cover 72 percent, and imports have also increased, accounting for 68 percent. These statistics come from the Russian customs service. However, following the imposition of Western sanctions on Russia due to its invasion of Ukraine, Russian authorities ceased publishing detailed statistical data on exports and imports each month.
