The EU’s trade deficit with Russia, which peaked at 18.4 billion euros in March 2022, declined to 6.1 billion euros in December of the same year.
Russia’s share of EU exports to all countries outside the bloc fell from 4% in February last year to 1.8% in March 2023, Eurostat reported.
It is also noted that the share of EU imports from Russia decreased from 9.5% in February 2022 to 1.9% in March 2023. At the same time, the value of imports from Russia fell from €22 billion in March 2022 to €3.8 billion in March 2023.
The EU’s trade deficit with Russia, which peaked at 18.4 billion euros in March 2022, narrowed to 6.1 billion euros in December of that year. And already in March 2023, a surplus of 0.2 billion euros was registered.
According to the publication, a deficit of 11.3 billion euros was recorded in the energy trade balance between the EU and Russia in the first quarter of this year.
Meanwhile, China exported its products to the Russian Federation in April 2023, earning a record income. Trade between China and Russia has intensified since the outbreak of an all-out war in Ukraine, according to Bloomberg.
China’s exports to Russia reached a record high in April, increasing 153% year-on-year to $9.6 billion, a sign of an increasingly close economic relationship.
Journalists also noted that the total trade volume between China and Russia has increased significantly due to the Chinese side’s purchase of energy resources from Russia, reaching approximately $19 billion. The peak of trade turnover was observed in March.
Recall that on April 20, Bloomberg reported that the United States and some other allies are considering the possibility of almost completely stopping exports to Russia. The material states that the new norms for functioning in the EU must be implemented by all member states of the bloc.
On April 17, the head of the Central Bank of Ukraine Andriy Pyshny said that the process of collapse of the Russian economy could begin as early as 2023.
Source: Focus
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