Page 59 - RusRPTDec22

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. At the same time, after crashing shortly after the war started, trade with China has recovered and reached a new all-time high, replacing European countries as Russia’s biggest trade partner.
Russia’s bilateral trade with China in 2021 amounted to $141bn (same value as the Euro today), of which Russian exports to China were worth $68bn. In the 10M 2022, according to the Chinese Customs Ministry, that trade had risen to $153.9bn, with Russian exports to China hitting $94.34bn. 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.
Russia is also running healthy trade surpluses with its neighbours in the CIS, where trade turnover is also growing. Trade within the Eurasian Economic Union (EAEU), a trade bloc that includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, in 2021 amounted to $72.61bn, of which Russian exports to the EAEU member countries amounted to $45.3bn. Over the first seven months of this year that had increased to $74.2bn, meaning a compounded 2022 total could reach $127.2bn, with Russia’s exports achieving about $99.6bn of this. That will indicate increases of $54.59bn in volume and $54.3bn in exports over the year.
59 RUSSIA Country Report December 2022 www.intellinews.com