Russian gas exports to Spain up by 70% in FY 2023

 

Russia is among the top gas exporters in the world. It ranks second on the list of top gas exporters globally. Russia is the main market for European countries to fulfil their energy requirements. According to the Russia customs data, around 166 billion cubic metres worth of natural gas was exported during the fiscal year 2022. 

The key destinations Among European countries,  Germany was the top market for Russian gas exports with worth over $8.5 billion exports last year. It is also the top gas importing country from Russia. Russia import export data shows after Germany, Italy was the second largest market for Russian gas exports with worth over $5.98 billion followed by Belarus ($5.2 B), France ($3.7 B) and Poland ($3.5 B). 

Whereas, other major gas importers were Turkey, Japan and China. In FY 2022, Turkish gas imports from Russia were $3.8 B whereas Japan and China were responsible for $2.04 billion and $1.92 billion respectively. Recently, Spain has emerged as the top gas export destination for Russia. 

Spain's gas reserves are continuously deteriorating. It relies heavily on Russian natural gas. The latest Russia export data shows that Russia gas exports to Spain has increased to 64% during the last month. As compared to the last year Russian gas imports by Spain during the same period, the imports were 27% more. Russia comes second on the list of top natural gas suppliers to Spain.

Spain petroleum gas exports were estimated around $1.5 billion during FY 2022. Spain's gas exports were mostly to China, Portugal, Morocco, France and the Netherlands. On the other hand, Spain gas imports from Norway, Nigeria, Qatar and the United States had fallen in the previous month. 

On the other hand, Spain gas imports from Norway, Nigeria, Qatar and the United States had fallen in the previous month. This fiscal year, European countries had over 40% share in Russia’s overall gas exports. Despite facing sanctions, Russian gas exports to European nations haven't been affected.

Russia's key exports to Spain include petroleum products, gas, coal, iron, precious metals and ceramics. The overall exports from Russia to Spain includes $8 billion in the financial year 2022. Russian exports are growing at an express rate of 5% yearly. Whereas, Russia import data shows that Spain’s major exports to Russia were textiles, precious metals, rubber tires, cars, medicaments and perfumes. 

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