JETRO: Share of “Friendly Countries” in Trade Expands (Russia)
February 18, 2025 15:00
Tokyo, February 18, 2025 – The Japan External Trade Organization (JETRO) has released a report titled “Trade to Shift towards ‘Friendly Countries’ (Russia).” The report analyzes recent trends in Russia’s trade and highlights the growing share of “friendly countries” in its exports and imports.
In 2024, Russia’s trade with its “friendly countries,” including China, India, and Turkey, accounted for 62.5% of its total trade, up from 55.2% in 2023. This increase is largely due to the imposition of Western sanctions on Russia following its invasion of Ukraine.
The report notes that Russia’s exports to its friendly countries have increased significantly since the sanctions took effect. In 2024, exports to China alone accounted for 26.3% of Russia’s total exports, up from 19.5% in 2023. India’s share also grew from 4.2% to 7.6%.
On the import side, the share of friendly countries has grown from 46.3% in 2023 to 54.2% in 2024. China remains Russia’s largest import partner, accounting for 22.1% of total imports. Turkey’s share has also increased from 4.1% to 6.5%.
The report concludes that Russia’s trade with its friendly countries is likely to continue to grow in the years to come. The sanctions are expected to remain in place for the foreseeable future, and Russia is actively seeking to diversify its trade away from Western markets.
JETRO’s report provides valuable insights into the evolving trade dynamics between Russia and its friendly countries. It is expected to be closely monitored by policymakers and businesses alike, as they navigate the complex geopolitical landscape.
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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