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Trade Trends News
17-10-2024
New data from the World Bank in 2023 shows that Poland's exports have surpassed Russia's for the first time. The data also reveals that Poland has risen to become the world's 19th largest exporter.
Last year, Poland's exports of goods and services reached $469 billion (up from $433.7 billion in 2022), while Russia, impacted by sanctions, saw its export value drop to $466.6 billion (down from $640.9 billion in 2022).
Russia's economy, at $2.02 trillion in 2023, is still more than twice the size of Poland's ($811.23 billion), and Russia's population (144 million) is nearly four times that of Poland (37 million).
However, since Russia's full-scale invasion of Ukraine in 2022 and subsequent international sanctions, its exports have been declining, while Poland's export growth has accelerated, particularly since 2020.
Both countries saw rapid export growth in the early 21st century, driven by global economic expansion. Poland's exports have shown relatively stable growth, while Russia's export figures have been more volatile, largely due to its reliance on oil and gas exports, which are subject to significant price fluctuations.
Russia's rise in exports stalled for several years after its annexation of Crimea in 2014. Its export value briefly peaked at $640.9 billion in 2022, likely due to buyers increasing purchases ahead of the full implementation of sanctions following Russia's full-scale invasion of Ukraine.
During the war, Poland has been one of Ukraine's closest allies and among the strongest advocates for harsher sanctions against Russia.
Last year, the world's largest exporter was China ($3.5 trillion), followed by the United States ($3.1 trillion) and Germany ($2.1 trillion). Poland exports ranked 19th, just behind Belgium ($535 billion) and Spain ($616 billion).
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