Russian foreign trade tracker

Publishing date
17 November 2022

Last update: 17 November 2022

Following Russia’s invasion of Ukraine, the Central Bank of Russia stopped publishing detailed trade data but continued releasing summary indicators, such as for the  current-account surplus, which reached its highest-ever level in the second quarter of 2022.

To track Russian foreign trade, this dataset collects detailed trade data from European Union countries, China, the United States, South Korea, Japan, India, the United Kingdom and Turkey. These 34 countries accounted for around 75% of Russia’s exports and imports in 2019.

In a Bruegel blogpost published on 8 September 2022, this data was analysed up to June 2022, with the conclusion that more than half of the increase in the Russian trade surplus was due to the collapse of Russian imports, which could ultimately undermine Russia’s productive capacity. The other half of the increase in Russian trade surplus resulted from higher energy prices. The decline in Russian imports of product categories that include products sanctioned by advanced countries was greater than the decline of non-sanctioned goods imports, suggesting that sanctions have influenced trade flows. Russia’s energy exports have been diverted towards India and China, though the EU still accounted for more than half of Russian energy export revenues in June 2022. Turkey has gained a large share of Russian non-energy exports.

This dataset updates and extends the data used in the blogpost. It will be updated monthly. Data may change for earlier months due to revisions in the underlying data.

  • Data is updated up to September 2022; for South Korea, October data is already available.

  • The United Kingdom Office of National Statistics has revised the full time series for trade by country and commodity. Differences to the 10 October 2022 release of our dataset derive from this.

  • In the 10 October 2022 release of this dataset, EU data for June 2022 and July 2022 was calculated by us. Those values have now been updated according to the latest release from Eurostat.

This dataset will be updated monthly. Data may change for earlier months due to revisions in the underlying data.

About the authors

  • Zsolt Darvas

    Zsolt Darvas, a Hungarian citizen, joined Bruegel as a Visiting Fellow in September 2008 and continued his work at Bruegel as a Research Fellow from January 2009, before being appointed Senior Fellow from September 2013. He is also a Senior Research Fellow at the Corvinus University of Budapest.

    From 2005 to 2008, he was the Research Advisor of the Argenta Financial Research Group in Budapest. Before that, he worked at the research unit of the Central Bank of Hungary (1994-2005) where he served as Deputy Head.

    Zsolt holds a Ph.D. in Economics from Corvinus University of Budapest where he teaches courses in Econometrics but also at other institutions since 1994. His research interests include macroeconomics, international economics, central banking and time series analysis.

  • Catarina Martins

    Catarina works at Bruegel as a Research analyst. She studied her BSc in Economics at the University of Porto. She then pursued an international quantitative MSc in Economics via the QTEM Network, studying the first semester at the University of Porto, the second at HEC Montréal and the third semester at Solvay Brussels School of Economics and Management (SBS-EM).

    Before joining Bruegel, Catarina worked at the European Central Bank in the Directorate General Market Operations, the department responsible for the implementation of Monetary Policy. As part of DG-M, Catarina joined the Money Market and Liquidity division, where she worked very closely with topics related to financial markets, benchmark reforms and liquidity developments. She had previously done a quantitative internship in Banco de Portugal at BPLim Microdata Research Laboratory of the Economics and Research department.

    Catarina is interested in various areas of economics and financial topics and has developed over time a fascination for data-related work. She is fluent in Portuguese and English and has a good command of Spanish and French.

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