Russian Trade Plummets in 2023 Due to Sanctions, With Exports Down 28% Despite Increases to Asia

Russia's exports in 2023 dropped 28.3% to $425.1 billion, the lowest since the COVID-19 pandemic began in 2020, due to Western sanctions and falling commodity prices.

Imports increased 11.7% to $285.1 billion, meaning overall 2023 trade turnover fell 19.4% to $710.2 billion.

Exports to European countries plummeted 68% while exports to Asian countries rose 5.6%.

Russia has pivoted to China and Global South countries, but new markets have not fully offset lost Western trade.

The IMF forecasts 2.6% Russian GDP growth in 2024, revising upwards due to higher private demand and public spending on the military.