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. Switze...