Russia's top exports during FY 2023

 

Russia is among the top exporters in the world. Although, ever since the Russia-Ukraine conflict, Russian exports saw significant decline. Russian exports dip significantly due to the sanctions imposed by the USA, UN and European countries. Still, Russia managed to make a considerable amount of exports.

According to Russia import export data, the exports of Russia were recorded to be $534 billion during the financial year 2023. Whereas in FY 2022, Russian exports were $876 billion. In 2023, over 2.6 million export shipments were recorded by Russia.

Petroleum gases were the biggest exports of Russia contributing to 23% market share. Russia export data suggest that around $208 billion worth of exports were recorded last year. Crude oil was the second major export of Russia with 21% market share.

In 2023, Russia exported $191 billion worth of crude oil. Refined Petroleum was the third biggest export from Russia with exports around $754 million during FY 2023.  China, Turkey and Belarus were the leading destinations for Russia's mineral oils and natural gas exports. 

These three combined accounted for 26% share of Russian exports. Among the fastest growing markets for Russian exports were Hungary, Austria, Japan and France. Gazprom, Yamal Trade, Cryogas-Vysotsk, and Lukoil Nizhny Novgorod Refinery were the top Russian companies for crude oil exports.  

Wheat was another major export commodity from Russia representing 2.6% share of Russian exports. Russia export data suggests that around $13.78 billion worth of wheat exports were recorded. Turkey and Egypt were the leading wheat importers from Russia with 35% market share. Turkey and Egypt were responsible for $2.8 billion and $2.15 billion worth of wheat imports from Russia in FY 2023. 

There was a significant rise in Russia's wheat exports to Bangladesh (5.5%), Algeria (4.4%) and Saudi Arabia (4%). Grain gates, OZK Trading, and Glencore Agro were the top wheat export companies from Russia with higher shipments last year. After wheat, refined copper was the top exported commodity from Russia. In the fiscal year 2023, Russia's refined copper exports were estimated to be $5.8 billion. China was the biggest market for Russia's copper exports aggregating over $3.3 billion in FY 2023.

China covered nearly 55% of Russian exports. Turkey, Morocco, Netherlands and Poland were other noticeable markets for Russia's copper exports. Modul, Nornickel, Kyshtym Copper Electrolyte Plant and Uralelectromed were among the leading copper export companies from Russia. Fertilizers were other major exports of Russia that amounted to $5.7 billion in 2023. Along with fertilizers, other prominent Russian exports were floating structures ($5.4 billion), Aluminium ($4.8 billion), Pig iron ($4.7 billion) and Rapeseed oil ($4.7 billion).

Whereas per Russia import data the overall imports during fiscal year 2023 stood at around $287 billion. These were paper articles, aircrafts, pharmaceuticals, machinery and telephonic instruments. China was the leading destination for imports by Russia. China represents 25% share of Russian imports. Germany, Turkey, Austria and South Korea were the top destinations for Russian imports. 

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