Page 43 - Russia OUTLOOK 2023

Russia’s bilateral trade with the European Union in 2021 reached €257bn,
with €158bn of those being Russian exports to the bloc. According to
Eurostat, Russia-EU trade reached €171.4bn in the 7M 2022, which if
averaged at similar volumes for the entire year would give a total 2022 figure of
€293.8bn – an increase on 2021 levels.

The trade turnover between Russia and China soared by 32% y/y to a
record-high $172.4bn between January and November 2022, the Main
General Customs Administration of China reported on December 7. In the 11
months of 2022, China’s export to Russia gained 13.4%, reaching some
$67.3bn. Imports of Russian goods and services surged by 47.5%, to
$105.07bn in the reported period. Russia’s bilateral trade with China in 2021
reached $141bn (same value as the Euro today), of which Russian exports to
China reached $68bn. Compounded over the full year, that would indicate an
increase in trade of some $184.6bn, meaning an additional $43.6bn over 2021,
with Russian exports rising to $113.2bn, an increase of $18.86bn.

Trade turnover between Russia and China in the energy sector grew by 64% in
monetary terms and by 10% in physical terms, Russian Deputy Prime Minister
Alexander Novak said on November 18.

Russia’s bilateral trade with India reached $13bn during the Indian fiscal
year 2021/21 (India runs a March-April fiscal period), taking us to April 2022.
Of this, according to COMTRADE, Russia’s exports amounted to $9.13bn.
Since then, according to the Indian Ministry of Commerce & Industry, in the 5M
period May-September 2022, Russia-India bilateral trade amounted to
$18.2bn, of which Russian exports were about $16.38bn – India has been
buying a lot of cheap oil from Russia.

43 Russia OUTLOOK 2022 www.intellinews.com