Page 88 - RusRPTMar23

● Partners & regions
Sino-Russian trade rose over 29% last year to record levels at $ 190 billion, driven by the redirection of Russian oil and coal exports from European markets and Russian firms’ substitution of imports affected by sanctions and export controls with counterparties in China.
EEU trade volume has grown by 10.3% in 2022, reaching a total of $80.6bn, according to data from the Eurasian Development Bank (EDB) cited by the Eurasian Economic Commission (EEC) in its Telegram channel.
"The mutual trade within the EEU in 2022 reached its maximum figure and, according to the bank's analysts, amounted to $80.6bn (+10.3% in annual terms)," the statement said.
Exports from Armenia, Belarus, Kazakhstan and Kyrgyzstan to the EEU increased by $9.8bn (1.4-fold) including to Russia, which increased by $9.5bn. "Thus, Armenia’s exports to the EEU increased by $1.6bn (2.8-fold), to Belarus - by $5.6bn (1.3-fold), Kazakhstan - by $1.9bn (1.2-fold), Kyrgyzstan - by $646bn (1.8-fold)," the statement said.
The EEC stated that the importance of the union market has significantly increased for Armenia and Kyrgyzstan. The share of the union countries in Armenia's total export rose from 29.3% to 46.8% and for Kyrgyzstan, it increased from 28.8% to 65.8%.
The Eurasian Development Bank expects EEU's mutual trade to continue to grow, supported by a comprehensive economic recovery from the pandemic, the implementation of the digital agenda, and the harmonisation of national regulations.
The EEU, a trade bloc consisting of five countries including Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, was established in 2015 to ensure the
88 RUSSIA Country Report March 2023 www.intellinews.com