Trade Share of “Friendly Countries” Expands in Russia
- Date: 2025-02-18 15:00
- Source: Japan External Trade Organization (JETRO)
Article Details:
Russia’s trade with “friendly countries,” such as China, India, and Turkey, has increased significantly in recent years, capturing a growing share of its overall trade. This trend is in line with Russia’s foreign policy shift towards strengthening ties with nations that are perceived as less hostile.
According to data from the Russian Federal Customs Service, the share of “friendly countries” in Russia’s total trade increased from 43.2% in 2021 to 50.3% in 2022. China remains Russia’s largest trading partner, accounting for 22.9% of total trade in 2022, followed by India (5.6%) and Turkey (4.4%).
The expansion of trade with “friendly countries” has been driven by a number of factors:
- Diversification: Russia seeks to reduce its dependence on Western countries for trade and investment.
- Energy exports: China and India are major importers of Russian oil and gas, which have become increasingly important revenue sources for Russia.
- Import substitution: Russia has been actively promoting import substitution by increasing production of goods domestically, often in collaboration with “friendly countries.”
Implications:
- Increased economic resilience: Russia’s growing trade ties with “friendly countries” enhance its economic resilience in the face of sanctions and other economic pressures from the West.
- Political alignment: The trade expansion reflects Russia’s strategic shift towards closer political and economic alignment with non-Western countries.
- New opportunities for businesses: Businesses in both Russia and “friendly countries” have opportunities to expand their trade and investment activities.
Examples of Increased Trade:
- Oil and gas: Russia has signed major gas supply deals with China and India, bolstering its energy exports.
- Agricultural products: India imports large quantities of Russian wheat, sunflower oil, and other agricultural products.
- Manufacturing: Russian and Chinese companies have established joint ventures in various manufacturing sectors, including automobiles and electronics.
Outlook:
The trend of increasing trade between Russia and “friendly countries” is expected to continue in the coming years. Russia will continue to prioritize trade diversification and import substitution, while “friendly countries” will seek to expand their economic ties with Russia.
Friendly countries have expanded share of trade (Russia)
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