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IPFS News Link • Business/ Commerce

Russian Trade Surplus Surges Amid Rising Tensions

• by Tyler Durden

As a result of surging energy prices, Statista's Felix Richter notes that the country's total oil and gas exports, including oil products and liquified natural gas, exceeded $240 billion last year, up 60 percent from $150 billion in 2020, when energy prices had slumped at the onset of the Covid-19 pandemic. According to figures from the Russian Finance Ministry cited by Reuters, the oil price averaged $69 per barrel in 2021, up from around $40 in 2020. The average price of natural gas exported by Russia reached $277 per 1,000 cubic meters in Q3 2021, up from less than $100 in Q2 2020, amid the Covid crash.

As the following chart shows, Russia's merchandise trade surplus climbed to a record high of $67.6 billion in Q4 2021, despite the fact that the country's imports also reached the highest level since 2013.