How Oil Is Adding Fuel to Geopolitical Fragmentation

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June 11, 2024 How Oil Is Adding Fuel to Global Fragmentation

Russia’s invasion of Ukraine in February 2022 led to severe bans or restrictions on Russian oil from the West. Meanwhile, other nations—including China, India, and Türkiye—opted to deepen trade ties with the country.

This graphic from the Hinrich Foundation is the final visualization in a three-part series covering the future of trade. It provides visual context to the growing divide among countries shunning Russian oil versus those taking advantage of the excess supply.

Which Countries Have Decreased or Banned Russian Oil Imports?

This analysis uses data from the IEA’s February 2024 Oil Market Report on Russian oil exports from 2021 to 2023.

Following the invasion, both the U.S. and the UK enacted a complete ban on Russian crude. Imports dropped from 600,000 barrels per day (bpd) in 2021 to zero by late-2022. 

Country/Region2021 (bpd)2022 (bpd)2023 (bpd)Change; 2021-2023 (bpd) EU3.3M3.0M600K-2.7M UK & U.S.600K100K0-600K OECD Asia500K200K0-500K

Similarly, the EU, which has historically been more reliant on oil from Russia, dropped imports by over 80%, from 3.3 million bpd in 2021 to 600,000 bpd in 2023.

OECD Asia-Pacific—which includes Japan, South Korea, Australia, and New Zealand—also slashed their Russian oil imports. 

Which Countries Have Increased Imports of Russian Oil?

The pullback in demand for Russian crude from the West created a buying opportunity for countries and regions that chose not to support Western sanctions. 

Country/Region2021 (bpd)2022 (bpd)2023 (bpd)Change; 2021-2023 (bpd) India100K900K1.9M+1.8M China1.6M1.9M2.3M+700K Türkiye200K400K700K+500K Africa100K100K400K+300K Middle East100K200K300K+200K Latin America100K100K200K+100K Other800K600K900K+100K

India increased its imports of oil from Russia, by the largest amount from 2021 to 2023—up to 1.9 million bpd from only 100,000 bpd. 

China, the biggest net importer, also saw a large uptick. The country boosted imports for Russian oil by over 40% over this timeframe. Türkiye increased imports of Russian crude by an additional 500,000 bpd. 

Several other regions—such as Africa, the Middle East, and Latin America—saw slight upticks in imports. 

Shifting Trade Dependencies

The dynamics present in the global crude market underscore broader trends in Russia’s trade relationships. Russia is becoming increasingly less economically reliant on the West

Ranked: The Countries Most Dependent on Agricultural Exports

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June 10, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Ranked: The Countries Most Dependent on Agricultural Exports

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Between 2019 and 2021, agricultural products accounted for more than one-third of the total value of global commodity exports. This graphic ranks the most agriculturally-export-dependent countries in the world, using data from UN Trade & Development (UNCTAD).

For this graphic we have only included countries where agricultural products represent more than 75% of its total exports. Resource dependency can make a country vulnerable to economic shocks via price fluctuations.

Ranked: Countries that Rely Heavily on Agricultural Exports

In Micronesia, a staggering 98% of all its exports are agricultural, of which 89% are fish in various forms. In fact, five of the top 10 countries are small island nations in the Pacific. Four of them also have fish as their top agricultural export.

Below is a more extensive list showing countries whose agricultural products make up more than 60% of their total exports. Also listed: their most-valued agriculture export in 2022, sourced from the Observatory of Economic Complexity.

RankCountry% of Merchandise
Exports From
AgricultureTop Agricultural
Export (2022) 1🇫🇲 Micronesia98%🐟 Fish 2🇬🇼 Guinea-Bissau94%🌰 Cashew Nuts 3🇲🇼 Malawi93%🚬 Raw Tobacco 4🇸🇧 Solomon Islands89%🌲 Rough Wood 5🇲🇻 Maldives88%🐟 Fish 6🇻🇺 Vanuatu86%🐟 Fish 7🇰🇮 Kiribati84%🐟 Fish 8🇹🇴 Tonga82%🐟 Fish 9🇺🇾 Uruguay79%🐄 Bovine Meat 10🇪🇹 Ethiopia77%☕ Coffee 11🇳🇿 New Zealand77%🥛 Milk 12🇦🇷 Argentina76%🌱 Soybean Meal 13🇬🇲 Gambia75%🥜 Groundnuts 14🇧🇿 Belize75%🍬 Sugar 15🇼🇸 Samoa69%🥥 Coconut Oil 16🇵🇾 Paraguay68%🌱 Soybeans 17🇨🇮 Côte d’Ivoire67%🍫 Cocoa Beans 18🇸🇴 Somalia67%🐑 Sheep & Goats 19🇦🇫 Afghanistan65%☁️ Raw Cotton 20🇸🇾 Syria63%🫒 Pure Olive Oil 21🇸🇩 Sudan62%🌿 Sesame Seeds 22🇧🇯 Benin61%☁️ Raw Cotton 23🇨🇫 Central African Republic60%🌲 Rough Wood

Maldives, in the Indian ocean, is also within the top 10. Its top agricultural export is also fish. Interestingly, the Observatory of Economic

The Start of De-Dollarization: China’s Gradual Move Away from the USD

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May 22, 2024 The Start of De-Dollarization: China’s Move Away from the USD

Since 2010, the majority of China’s cross-border payments, like those of many countries, have been settled in U.S. dollars (USD). As of the first quarter of 2023, that’s no longer the case.

This graphic from the Hinrich Foundation, the second in a three-part series covering the future of trade, provides visual context to the growing use of the Chinese renminbi (RMB) in payments both domestically and globally.  

The De-Dollarization of China’s Cross-Border Transactions

This analysis uses Bloomberg data on the share of China’s payments and receipts in RMB, USD, and other currencies from 2010 to 2024. 

In the first few months of 2010, settlements in local currency accounted for less than 1.0% of China’s cross-border payments, compared to approximately 83.0% in USD. 

China has since closed that gap. In March 2023, the share of the RMB in China’s settlements surpassed the USD for the first time.

DateRenminbiU.S. DollarOther March 20100.3%84.3%15.4% March 20114.8%81.3%13.9% March 201211.5%77.1%11.5% March 201318.1%72.7%9.2% March 201426.6%64.8%8.6% March 201529.0%61.9%9.0% March 201623.6%66.7%9.7% March 201717.6%72.5%9.9% March 201823.2%67.4%9.4% March 201926.2%65.1%8.7% March 202039.3%54.4%6.3% March 202141.7%52.6%5.6% March 202242.1%53.3%4.7% March 202348.4%46.7%4.9% March 202452.9%42.8%4.3%

Since then, the de-dollarization in Chinese international settlements has continued.  

As of March 2024, over half (52.9%) of Chinese payments were settled in RMB while 42.8% were settled in USD. This is double the share from five years previous. According to Goldman Sachs, foreigners’ increased willingness to trade assets denominated in RMB significantly contributed to de-dollarization in favor of China’s currency. Also, early last year, Brazil and Argentina announced that they would begin allowing trade settlements in RMB. 

Most Popular Currencies in Foreign Exchange (FX) Transactions

Globally, analysis from the Bank for International Settlements reveals that, in 2022, the USD remained the most-used currency for FX settlements. The euro and the Japanese yen came in second and third, respectively.

Currency20132022Change (pp) U.S. Dollar87.0%88.5%+1.5 Euro33.4%30.5%-2.9 Yen23.0%16.7%-6.3 Pound Sterling11.8%12.9%+1.1 Renminbi2.2%7.0%+4.8 Other42.6%44.4%+1.8 Total200.0%200.0%

The

Mapped: The Top Exports in Asian Countries

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May 15, 2024

See this visualization first on the Voronoi app.

The Top Exports in Asian Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Asia’s exports span a wide range, from petroleum and minerals to technology components and textile products.

In this map, we display the top exports (as of 2022) of Asian countries, excluding Middle Eastern nations. Data was sourced from The Observatory of Economic Complexity.

Editor’s Note: For our most recent Middle East themed version of this map, go here.

Diverse Economies Across the Continent

Like in many other countries around the world, petroleum is a significant component of the Asian continental economy, with petroleum products as India’s top exporting category, amounting to approximately $86 billion per year in trade.

Another top product coming from Asia is integrated circuits. These are used in a multitude of applications spanning computing, communications, consumer electronics, automotive, industrial automation, medical devices, aerospace and defense.

CountryTop Export (2022)Top Export Value (USD Billions) 🇨🇳 ChinaBroadcasting Equipment$272.0 🇹🇼 TaiwanIntegrated Circuits$223.0 🇰🇷 South KoreaIntegrated Circuits$121.0 🇯🇵 JapanCars$89.0 🇮🇳 IndiaPetroleum Products$86.2 🇸🇬 SingaporeIntegrated Circuits$81.9 🇲🇾 MalaysiaIntegrated Circuits$78.9 🇻🇳 VietnamBroadcasting Equipment$58.5 🇮🇩 IndonesiaCoal Briquettes$50.8 🇰🇿 KazakhstanPetroleum Products$47.6 🇵🇭 PhilippinesIntegrated Circuits$32.4 🇦🇿 AzerbaijanPetroleum Products$19.4 🇹🇭 ThailandMachinery$19.3 🇹🇲 TurkmenistanPetroleum Products$9.2 🇧🇩 BangladeshTextiles and Garments$9.1 🇲🇳 MongoliaCoal Briquettes$6.5 🇺🇿 UzbekistanGold$5.2 🇧🇳 BruneiPetroleum Products$4.9 🇵🇰 PakistanTextiles and Garments$4.9 🇲🇲 Myanmar (Burma)Ore & Minerals$4.1 🇰🇭 CambodiaTextiles and Garments$3.1 🇱🇦 LaosElectricity$2.4 🇱🇰 Sri LankaTea$1.3 🇬🇪 GeorgiaOre & Minerals$1.0 🇦🇲 ArmeniaOre & Minerals$0.7 🇹🇯 TajikistanGold$0.6 🇦🇫 AfghanistanCoal Briquettes$0.4 🇲🇻 MaldivesPlanes, Helicopters, Spacecraft$0.4 🇧🇹 BhutanOre & Minerals$0.3 🇹🇱 Timor-Leste (East Timor)Petroleum Products$0.3 🇳🇵 NepalPalm Oil$0.2 🇰🇬 KyrgyzstanPetroleum Products$0.1 🇰🇵 North KoreaOre & Minerals$0.03

In addition, the region is also a big manufacturer of semiconductors, crucial for applications ranging from telecommunications and artificial intelligence to