Russia, China record highest trade surplus in 2022, says data

Russia and China have topped the list of countries that registered the highest trade surplus in 2022, according to a report by the national statistical services of both countries, reports state-owned RT news.

China positioned itself as the top among the major economies as its surplus trade grew by 30 per cent last year to an all-time high of $877.6 billion.

It exported nearly $3.59 trillion worth of goods—a growth in export value of about 7 per cent compared to the last year. While imports surged only by 1.1 per cent to roughly $2.72 trillion.

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Russia was placed second as its surplus increased by 1.7 times over the year to a record $333.4 billion. The country’s total exports reached $591.4 billion, up 19.9 per cent from 2021.

According to the data, energy sales constituted the bulk of Russia's foreign exports, reaching $383.73 billion—a 42.8 per cent year-on-year increase. Imports, however, slid 11.7 per cent to $259.1 billion compared to the previous year.

The report notes the impact of Western sanctions on Russia, and President Vladimir Putin’s efforts to promote self-sufficiency and import substitution measures on dwindling imports.

Saudi Arabia positioned itself third after registering its highest trade surplus since 2012 at $221.3 billion, followed by Norway, Australia and Qatar.

According to the Sputnik news agency, 26 major economies recorded a trade surplus of $2.45 trillion in 2022, compared to 32 countries with $2.1 trillion a year earlier.

The only country that managed to move from a trade deficit to a surplus last year was Nigeria.

Whereas, Germany saw its figure drop 2.4 times to $85.34 billion, slipping to the seventh spot from the second place a year earlier.

The data was presented by the national statistical agencies of the world's 60 largest economies. Sputnik and RT conducted a study based on this data.

(With inputs from agencies)

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