February 1, 2023
Russia’s current account surplus reached $227 bn in 2022. Exports increased by more than 10% Jan-Sept 2022, while, imports contracted by 16% for the year as a whole. After falling by over 35% in spring, Russia’s imports recovered. China, Hong Kong, and Turkey have expanded exports to Russia. Replacing Russia’s former top trade partners, such as the EU. China accounts for over 36% of Russia’s imports and 20% of exports. Despite export controls, Russia increased its import of chips in 2022. With China and Hong Kong supply about 40% of Russia’s total chips.