Russian Metal Industry Analysis FY 2023

 

After energy, metals are the second biggest export commodity of Russia. Russia is also the 5th leading exporter of precious metal ores. Ever since the invasion of Ukraine, Russia's metals exports declined to a significant level. Russia is currently facing sanctions from the US and many EU countries. That has impacted Russian exports by a significant margin. 

According to Russia import export data, Russian metal exports were $15 billion in 2023. There was a major difference in metal exports as compared to $25 billion during FY 2022. In terms of overall metals and precious stones exports, Russia's total earnings were $76 billion. Russia's key metals exports include palladium, platinum, gold, nickel, aluminium, coal, copper and silver.

Palladium is the most exported metal item from Russia accounting for 45% share of the global market. In 2023, Russia produced over 92MMT of palladium. Russia export data shows over $4.9 billion worth of palladium was exported in 2023. Switzerland was the leading buyer of palladium from Russia having over 45% market share. 

Switzerland imported over $2.2 billion worth of palladium from Russia last year. Other significant markets for palladium exports of Russia were Japan, Hong Kong, Germany and Italy. Krastsvetmet, Nornickel, and Louis Vuitton Vostok are some of the leading palladium export companies from Russia.

Platinium is the second most exported metal from Russia. Russia accounts for 15% of the world's total platinum exports share. Platinum exports from Russia were responsible for $6.5 billion worth in 2023. Switzerland, Hong Kong, Japan, Italy and Germany were the fastest growing markets for Russia's platinum exports.

In 2023, Russia was responsible for 9% of the world's total gold exports. According to Russia customs data, Russia exported around $13.8 billion worth of gold last year. More than 300 tonnes of gold was exported in 2023. Moldova accounted for 35% of Russia's total gold exports. Along with Moldova, United Arab Emirates, Germany, Romania and Georgia were the top destinations for Russia's gold exports. 

In terms of nickel exports, Russia exported around $412 million worth of nickel during last year. Italy and Latvia were the top leading destinations for Russia's nickel exports with 25% and 22% market share. Russia accounts for 5.3% share of world’s overall nickel exports. Russia is also a prominent exporter of aluminium representing 4.3% share of the global exports. 

In 2023, Russia exported over $4.16 billion  worth of aluminium. Uzbekistan, Azerbaijan, Myanmar, and India were the leading markets for Russia's aluminium exports. The top Russian aluminium export companies are Forte Home, Rosoboronexport, and Nevinnomyssk Radiator. Copper and Silver were other significant exports of Russia.

Russia accounts for the world's 3% and 4% share of copper and silver exports. Russia's copper exports were $6.2 billion last year. The leading markets for Russia's copper exports were China, Germany and Turkey. Whereas, the silver exports of Russia were $910 million in 2023. The leading markets for Russia's silver exports were Turkey, India and the United Arab Emirates.

As among the leading metal exporting destinations in the world, the Russian metal industry offers great opportunities. A global import export data provider will help Russian companies negotiate the market risk, trending goods, top buyers, suppliers, price insights, logistics and supply chain operations. Also, it provides insights over Russia import data, that will help international suppliers to expand their business in Russia. It is the best market intelligence tool to expand import export operations globally.