Russia, also known as the Russian Federation, is the most powerful and economically balanced country across the globe. Russia is considered one of the biggest trade partners in the world and contributes significantly towards the total Global Trade data in every fiscal year. The nation is located on the European continent and surrounded by nations like the USA, Japan, Norway, and Poland.
The top products exported by Russia as per Russia Export Data for the year 2022 were:
Mineral fuels and oils (USD 348.34 billion)
Iron and steel (USD 21.49 billion)
Fertilizers (USD 17.35 billion)
Natural and precious pearls and stones (USD 16.85 billion)
Aluminium articles (USD 9.96 billion)
Based on Russia Trade Data insights, the total contribution of mineral fuels exports from Russia was approximately 70% of total exports making it the major exporting product from Russia to the globe in the year 2022.
Talking about the nations that imported crude oil from Russia in the year 2022 were China, the Netherlands, Germany, Korea, and the USA.
Let’s examine the trend followed by the exports of Crude oil and mineral fuels from Russia in the past few years.
MINERAL FUELS AND OILS EXPORTS FROM RUSSIA (2018-2022)YEARTOTAL EXPORTS2018USD 237.59 billion2019USD 220.84 billion2020USD 141.91 billion2021USD 212.41 billion2022USD 348.34 billion
The main reason behind the rise in exports of mineral oils and fuels from Russia is the cheap price. That means when Russia invaded Ukraine, the USA levied multiple trade sanctions and policies on Russia due to which Russia reduced its oil prices and started to attract other nations with its cheap prices. India also imported many gallons of crude oil from Russia at low prices and sold it to other countries at normal prices to generate extra profits.
It is estimated that exports of crude oil and fuels would rise more and dominate Russia Trade Data soon. For more information and in order to get the correct Russia Export Data online, contact TradeImeX today.
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