Russia's Foreign Trade Surplus Increased in January-August Period

According to the January-August data released by the Russian Federal Customs Service, the country's foreign trade surplus increased by 16.4 percent to reach 102.9 billion dollars.

Foreign Trade Volume and Items

According to the January-August data shared by the Russian Federal Customs Service (FTS), the country's total foreign trade volume reached 505.5 billion dollars, an increase of 13.75 percent compared to the same period of last year. The announced figures revealed significant growth in the country's economic activity.

During this period, Russia's exports rose by 37.8 billion dollars to 304.2 billion dollars, while its imports increased by 23.3 billion dollars to 201.3 billion dollars. Thus, Russia's foreign trade surplus rose by 16.4 percent from 88.4 billion dollars in the same period of last year to 102.9 billion dollars.

Distribution of Exports and Imports

According to the published data, minerals and mineral products constituted Russia's main export item with 170.6 billion dollars. This situation showed that the country's energy and mining sector maintains its weight in exports.

The country's main import item was machinery, equipment, and vehicles with 97.7 billion dollars. This item demonstrated the importance of products procured from abroad in the fields of industry and technology.

Trade Shares by Continents

While Russia's foreign trade volume with Asian countries rose to 381.8 billion dollars, the share of these countries in total foreign trade reached 75.5 percent. The weight of the Asian market drew attention.

The share of European countries in Russia's foreign trade was recorded at 17.5 percent, while the trade volume with these countries amounted to 88.4 billion dollars.

Trade Relations with Other Regions

While the share of North and South American countries in total foreign trade remained at 3.6 percent, the trade volume with these regions was calculated as 18 billion dollars.

The share of African countries in Russia's foreign trade was 3.4 percent, and the trade volume realized with this continent reached 17.2 billion dollars.

Upward Trend of the Asian Market

The share of Asian countries in Russia's foreign trade continues to resolutely maintain its upward trend following the sanctions imposed by Western countries. This situation has changed the direction of trade routes.