Russian Exports Increased in 2002 by 4.4% Year on Year

Russian exports increased in 2002 by 4.4% year on year, totaling USD 106.1 billion, the highest total recorded since 1992. As a Rosbalt correspondent was informed by the state budget and taxation committee, these figures were provided by the Russian Central Bank and were presented to the lower house of the Russian parliament this week.

According to Central Bank statistics, better foreign trade and an inflow of foreign capital in the private sector influenced the Russian balance of payments, which remained stable throughout 2002 and totaled USD 13 billion, overtaking the level recorded before the financial crisis. The country's gold reserves rose by USD 11.4 billion and totaled USD 47.8 billion on January 1, 2003.

Government debts decreased in 2002 by USD 12.6 billion, including Russia's debts to Germany and the commercial debt of the former USSR. Actual debt repayments totaled USD 11 billion or 9.3% in terms of exports and other services. Further debts incurred totaled a little over USD 600 million.