Russia declares major decrease in imports

(MENAFN) The Federal Customs Service (FCS) of Russia has disclosed a notable decrease in imports during the first two and a half months of 2024, indicating a decline of approximately 6-7 percent compared to the same period in 2023. Acting head of the FCS, Ruslan Davydov, attributed the fluctuation in import dynamics to the timing of the Chinese New Year, highlighting its traditional impact on business activity and international trade.

Davydov emphasized that while the current trends in imports may be influenced by the holiday season, a more definitive analysis of the year's import patterns is expected by the end of May.

Despite the observed downturn in imports, Davydov reassured that Russia's trade balance remains positive, with exports surpassing imports by approximately 30-35 percent.

China stands as Russia's primary trade partner for over a decade, contributing a wide array of products including cars, machinery, electronics, among others. In return, Russia predominantly supplies crude oil and fossil fuels to China. Last year, bilateral trade between Moscow and Beijing reached USD240 billion, marking a substantial increase of 26.3 percent compared to the previous year, with energy commodities constituting a significant portion of the trade volume.

The redirection of trade flows eastwards, prompted by Ukraine-related sanctions, has further solidified the economic ties between Russia and China. In response to these evolving trade dynamics, the FCS is actively working to streamline customs procedures to enhance the efficiency of goods delivery and foster continued growth in trade.

First Deputy Prime Minister of Russia, Andrey Belousov, has previously expressed optimism regarding the trajectory of bilateral trade, forecasting that it could reach USD300 billion by the end of the decade. As Russia navigates through shifting trade landscapes and endeavors to bolster economic ties, strategic measures are being undertaken to sustain and expand its trade relations with key partners like China.

MENAFN26032024000045015687ID1108022169