Russia and China topped the list of countries recording the highest trade surpluses in 2022, according to a report from the two countries’ national statistical offices, state news agency RT News reported.
China has positioned itself as the top major economy, with its trade surplus growing by 30% last year to a record high of $877.6 billion.
It exported nearly $3.59 trillion in goods, representing a growth in export value of about 7% year over year.
While imports increased only 1.1% to about 2.72 trillion USD.
Russia is ranked in second place, with its surplus growing 1.7 times for the year to a record $333.4 billion.
The total export turnover of the country reached 591.4 billion USD, up 19.9% compared to 2021.
According to the data, energy sales make up the bulk of Russia’s exports abroad, reaching $383.73 billion, up 42.8% year-on-year.
However, imports fell 11.7% to $259.1 billion from a year earlier.
The report notes the impact of Western sanctions on Russia and President Vladimir Putin’s efforts to promote self-sufficiency and import substitution measures against declining imports.
Saudi Arabia ranked third after recording 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, up from $2.1 trillion for 32 countries a year earlier.
The only country that could go from a trade deficit to a surplus last year was Nigeria.
While Germany saw its figure drop 2.4 times to $85.34 billion, sliding to seventh place from second place a year earlier.
The data are presented by the national statistical offices of the 60 largest economies in the world. Sputnik and RT conducted a study based on this data.