Russia expects $40B decline in exports by year-end

The volume of exports in Russia by the end of 2023 may be reduced by 8% or $40 billion due to rising prices, Andrei Klepach, chief economist of the State Development Corporation VEB.RF, said in an interview with TASS, Report informs.

"This year's exports are significantly lower than last year, last year we had $500 billion, now, probably, the figure will be $460 billion, but still this is a fairly significant decrease. This is due to prices," Klepach said.

He noted that the volume of exports of gas, oil and oil products has significantly decreased. At the same time, the expert stressed that grain exports are not declining.

"In other areas, I believe that there will be a decrease, but the price dynamics allows us to increase exports, and exports will grow in 2024. But we will not beat the 2021-2022 record soon," he added.