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15 Jun, 2023 13:28

EU no longer Russia’s leading trade partner – customs head

The volume of bilateral commerce has been decreasing dramatically, according to Ruslan Davydov
EU no longer Russia’s leading trade partner – customs head

Trade turnover between Russia and the European Union has continued to fall amid Western sanctions on Moscow, Ruslan Davydov, acting head of the Federal Customs Service confirmed to RIA Novosti on Thursday. He was speaking on the sidelines of the St. Petersburg International Economic Forum.

“The EU has lost its status as Russia's key trading partner, its share in the country’s foreign trade has dropped from 38% two years ago to 17.6%,” he said.

Official statistics show that in 2020 the EU was Russia’s leading trade partner, accounting for 37.3% of the country’s total trade in goods. Over 36% of Russia’s imports came from the EU and 37.9% of its exports went to the 27-nation bloc.

The total trade in goods between Russia and the bloc amounted to €257.5 billion ($279 billion) in 2021, according to European Commission data. The EU’s imports were worth €158.5 billion and were dominated by fuel and mining products, particularly mineral fuels, wood, iron, steel, and fertilizers.

Meanwhile, last summer the EU exported 43% fewer goods to Russia versus the same period a year ago. In comparison, China exported 23% more goods to Russia last summer versus 2021, according to a report by the Kiel Institute for the World Economy.

The customs service reported a record surplus in Russia’s foreign trade in 2022, noting that China was the country’s top trading partner, followed by Türkiye.

For more stories on economy & finance visit RT's business section

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