Russia’s export returns to pre-crisis volumes
Source：Vedomosti
From：Taiwan Trade Center, Moscow
Update Time：2023/12/25
Ministry of Industry and Trade of Russian Federation called the timing of Russia's return to pre-crisis export volumes. Now about $ 30 billion of revenue from deliveries abroad falls out
Against the background of sanctions against Russian goods, the total volume of exports decreased by about $ 30 billion compared to the pre-crisis period, First Deputy Minister of Industry and Trade Vasily Osmakov told Vedomosti on the sidelines of the “Made in Russia” international forum. It is planned to return to the previous level of supplies abroad in three to four years, he noted.
"If we take exports to unfriendly countries and if we take the growth of exports to friendly countries and get a delta, it turns out that about $30 billion in export volumes falls out," the first deputy minister said. He stressed that in addition to the value of exports, physical volumes have also decreased.
Osmakov identified a number of barriers that prevent the acceleration of the growth of Russian exports. The main one is the difficulties with making international payments. "The most important thing is calculations. The situation with the calculations is very, very difficult," he said. Also, the growth of supplies is hindered by the rise in the cost of logistics and problems with the certification of goods for export. "Many of our exporters have had their foreign certificates revoked, and in fact we have to build bilateral such channels for the recognition of our certification documents," Osmakov explained.
The first Deputy Minister added that the business is already being rebuilt to the new realities, but this work is not finished yet. According to him, Russia has not yet managed to complete the logistics turn to the South and East and "finish the tools" to enter new markets. In addition, new trade barriers have appeared.
The most difficult thing is to reorient supplies to companies from the branches of mechanical engineering, chemicals and pharmaceuticals, where there was a "serious failure" in exports, Osmakov noted during his speech at the session "New Geography of Exports. Challenges and opportunities".
According to the forecast of socio-economic development of Russia presented by the Ministry of Economic Development, by the end of 2023, exports will decrease to $459.1 billion after $590.8 billion in 2022. Next year it should grow to $471 billion, in 2025 to $481.1 billion, and by the end of 2026 to reach $496.7 billion. In 2021, according to the Federal Customs Service, Russian exporters delivered $493.3 billion worth of goods abroad.
In October, the Minister of Economic Development Maxim Reshetnikov stated that the volume of Russian exports for the first half of 2023 amounted to $208.9 billion. Most of the supplies – worth $50.3 billion – came from China. Goods worth $33.3 billion were delivered to the European Union, $23.2 billion to Turkey, and $21.8 billion to India.
Source: https://www.vedomosti.ru/economics/articles/2023/10/19/1001492-nazval-sroki-dokrizisnim-eksporta