Friendship Countries’ Share of Trade Expands (Russia)
Moscow, 18 February 2025
The Japan External Trade Organization (JETRO) released a report today indicating that the share of trade with “friendly countries” in Russia’s total trade volume has significantly increased.
According to the report, trade with friendly countries accounted for 65% of Russia’s total trade volume in 2024, up from 51% in 2021. The top three friendly countries in terms of trade volume are:
- China (26%)
- India (14%)
- Belarus (10%)
The growth in trade with friendly countries is primarily attributed to Russia’s geopolitical realignment following the Ukraine conflict. Western sanctions and the isolation of Russia from the global financial system have prompted businesses to explore alternative trade partners.
“The reorientation of Russia’s trade towards friendly countries is a significant development,” said JETRO Moscow Chief Representative Kentaro Kochi. “It demonstrates Russia’s efforts to mitigate the impact of sanctions and secure reliable trade channels.”
The report also highlights the growing importance of natural resources in Russia’s trade. Exports of oil, gas, and other commodities to friendly countries have increased, driven by the global energy crisis.
“Russia is leveraging its vast natural resources to strengthen ties with friendly countries,” Kochi added. “This is evident in the increased exports of oil and gas to China and India.”
Despite the growth in trade with friendly countries, Russia’s overall trade volume declined in 2024. The report attributes this decrease to the impact of sanctions, which have restricted Russia’s access to Western goods and technologies.
“The decline in overall trade volume highlights the challenges facing Russia’s economy,” said Kochi. “However, the expansion of trade with friendly countries provides some resilience and diversification.”
JETRO expects the trend of expanding trade with friendly countries to continue in the coming years. Russia is expected to further deepen its economic ties with China, India, and other friendly nations to offset the impact of Western sanctions.
Friendly countries have expanded share of trade (Russia)
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日本貿易振興機構 a new article on 2025-02-18 15:00 titled “貿易に占める「友好国」のシェアが拡大（ロシア）”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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