Russia and China tops the list of countries that registered the highest trade surplus in 2022

Russia and China have been identified as the top countries with the highest trade surplus for 2022, according to a report by the national statistical services of both countries, as reported by state-owned RT news.

China led among the major economies with a surplus trade that increased by 30% last year, reaching a record high of $877.6 billion. The country exported goods worth nearly $3.59 trillion, representing a growth in export value of about 7% from the previous year, while imports increased by 1.1% to approximately $2.72 trillion.

Russia ranked second with a surplus that rose 1.7 times over the year to a record $333.4 billion, driven by energy sales, which accounted for most of the country’s foreign exports. The report highlights the effect of Western sanctions on Russia and President Vladimir Putin’s efforts to promote self-sufficiency and import substitution measures to address dwindling imports.

Saudi Arabia ranked third with 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. Nigeria was the only country that moved from a trade deficit to a surplus in 2022.

Meanwhile, Germany’s trade surplus figure dropped 2.4 times to $85.34 billion, slipping to the seventh spot from second place in the previous year.

The report is based on data presented by the national statistical agencies of the world’s 60 largest economies, with Sputnik and RT conducting a study based on this data.

The report notes the significant contribution of energy exports to the trade surpluses of Russia, Saudi Arabia, and Qatar, among others. It also highlights the impact of import substitution measures adopted by countries like Russia and China, who seek to become more self-reliant in their economic activities. The report suggests that the trade surplus trend may continue in the coming years, reflecting the continued economic growth of major countries, despite the challenges posed by the COVID-19 pandemic.