Page 55 - RusRPTNov23

● Partners & regions
The volume of mutual trade among member-states of the Eurasian Economic Union (EEU) gained 9.6% in January - August 2023, chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said. Strengthening of cooperative ties among the EEU states is observed, the official said. Supplies of cooperatively made goods gained 5.2% against the like period of the last year, he added. The industrial output volume stood at 103.2% against the relevant period of the last year, and 106.6% in the processing industry, where the intellectual potential and competitive products are concentrated.
Trade between Russia and India has skyrocketed this year, with the turnover of goods in January-August already surpassing the total for the previous year. According to data from the Indian Ministry of Commerce and Industry, total trade between the two countries in the first eight months of the year reached US$43.8 billion, an all-time high. If that is extended to the year end it would result in a bilateral trade volume of US$65.7 billion.
Exports of Russian goods surged to US$41.2 billion against US$17.1 billion during the same time last year. Russian imports from India reached US$2.6 billion, a 50% increase. Russia is currently among India’s top five trading partners in terms of goods turnover.
The substantial growth in bilateral trade came amid the ‘Pivot to Asia’ Moscow has pursued as a result of the sanctions placed on Russia by the West over the conflict in Ukraine. The loss of traditional Western trade partners has forced Russia to seek out new markets, especially for its energy exports. In September alone, India’s imports of Russian oil surged by 80% year-on-year, to an average of 1.56 million barrels per day (bpd).
55 RUSSIA Country Report November 2023 www.intellinews.com