Russia, China record highest trade surplus in 2022, says data
Russia, China record highest trade surplus in 2022, says data
By: C Krishnasai
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 decreased 11.7 per cent to $259.1 billion compared to the previous year.
STORY HIGHLIGHTS
China positioned itself as the top among the major economies as its surplus trade grew by 30 per cent last year, while surplus of Russia, which was placed second, increased by 19.9 per cent
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 decreased 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.
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Saudi Arabia positioned itself third after registering its highest trade surplus since 2012 at $221.3 billion, followed by Norway, Australia and Qatar.
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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.
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Germany, which had trade surpluses of more than $200 billion, largely because of low-cost gas, oil, and coal from Russia, and having huge exports TO Russia, saw its figure drop 2.4 times to $85.34 billion, slipping to the seventh spot from the second place a year earlier, because of industry shutdowns, high energy prices, high inflation, high interest rates, millions of refugees, and greatly reduced sales to Russia. Germany decided to remilitarize its economy to “face future threats”
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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.
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Comment
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Comment by Willem Post on March 31, 2023 at 5:36pm
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THE US SUBSIDIZING EU MINING AND/OR PROCESSING OF EV BATTERY MATERIALS
Europe is looking at the details of the Inflation Reduction Act, and to what extent it will hit the Europe's manufacturing sector.
Earlier this week, the FT reported , according to people with knowledge of the talks, Washington has offered to make cobalt, graphite, lithium, manganese and nickel, eligible for subsidies under its IRA, if they are mined or processed in the EU.
It remains questionable as to how much value this offer has in the eyes of European policy makers, as it will be a long time before increased mining capacity comes on stream on the European continent, or elsewhere.
Plus, the production and/or assembly of batteries, battery packs and cars (the ‘major value added part’ in the supply chain) still is required to take place in the US, Canada or Mexico.
Maine as Third World Country:
CMP Transmission Rate Skyrockets 19.6% Due to Wind Power
Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.
Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT
******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********
(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/
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Hannah Pingree on the Maine expedited wind law
Hannah Pingree - Director of Maine's Office of Innovation and the Future
"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."
https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/
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