Russia increases trade with Africa and Asia according to customs data

By Rhod Mackenzie

Russia's economic partnerships with Asian and African nations have expanded while trade connections with the European Union have weakened, as per the most recent report by the Federal Customs Service (FCS).

Recently published data illustrates that exports to Asia escalated to $226.6 billion in the first nine months of the year, showcasing a 10% increase from the same period in 2022. Simultaneously, exports to Africa have risen by more than 50% to $15.6 billion in January through September, compared to $10.1 billion a year earlier.

Russian imports from Asia and Africa increased in 2023, with the former reaching $140 billion in value terms, marking a 40% growth from the previous year. Meanwhile, Moscow's purchases from Africa went up by 10% to $2.5 billion.

According to FCS data, Asian countries now make up 70% of Russia's foreign trade, while the country's

Trade with the EU has continued to decline. The exports to the bloc dropped from $216.7 billion in January-September 2022 to just $65.3 billion during the corresponding period in 2023. Imports from the EU decreased by approximately 10% to $59.2 billion, as shown by the data.

"There has been a significant alteration in cargo turnover, the percentage and significance of countries in Russian trade. During pre-crisis and pre-Covid times, EU countries constituted more than 50%, but now they account for only 16%," the FCS's acting head, Ruslan Davydov, recently stated. He further added that business transactions with China and India were experiencing fast growth, and percentage of turnover with Latin American countries was also increasing.

Overall, Russian overseas trade totalled $530.2 billion in the first nine months of 2023, decreasing by 16% from a year earlier. FCS data showed that exports declined by almost 30%, to $317 billion, while imports rose by 18%, to $213.3 billion. The trade balance surplus amounted to $103.6 billion, according to the report.