Russia's economic ties strengthen with Asian, African countries, declines in trade with EU
Date
11/19/2023 7:37:17 AM
(MENAFN) The latest report from the Federal Customs Service (FCS) reveals a continuous growth in Russia's economic cooperation with Asian and African nations, coupled with a decline in trade with the European Union.
Recent data indicates a notable increase in exports to Asia, reaching USD 226.6 billion in the first nine months of the year, marking a 10 percent rise from the same period in 2022. Furthermore, exports to Africa experienced a significant surge, exceeding 50 percent and totaling USD 15.6 billion in January-September, compared to USD 10.1 billion the previous year.
Russian imports from these regions also witnessed growth, with a value of USD 140 billion in the case of Asia, reflecting a 40 percent increase from 2022. Moscow also increased its purchases from Africa by 10 percent, amounting to USD 2.5 billion.
According to FCS data, Asian countries now contribute to approximately 70 percent of Russia's overall foreign trade.
Conversely, Russia's trade with the European Union has seen a steady decline. Exports to the EU decreased significantly from USD 216.7 billion in January-September 2022 to just USD 65.3 billion in the same period this year. Imports from the EU also dropped by around 10 percent to USD 59.2 billion, as indicated by the data.
“There has been a radical change in cargo turnover, the share and weight of countries in our trade. If previously EU countries accounted for 50 percent or more in pre-crisis, pre-Covid times, now it is up to 16 percent,” the acting chief of the FCS, Ruslan Davydov, lately declared. He mentioned that trade with China and India was experiencing rapid growth, and there was also an increasing turnover in dealings with countries in Latin America.
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