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International Economic Forum (SPIEF). "We will pay special attention to the North - South corridor. We plan to double by 2025 and to triple by 2030 the volume of export transportation along this route," the head of state said. Russia made an agreement with Iran on construction of a missing railway section on the territory of Iran, Putin noted. "We are also carrying dredging work on the Volga-Baltic Canal. It will be able to receive ships with the 4.5 metre draft as early as in this year. As regards the eastern direction, its export cargo traffic is to grow by a third by 2025 and add 100mn metric tonnes to the 2022 level by 2030," he added.
The trade turnover between Russia and member-nations of the European Union declined significantly and its share is about 18% at present in the total Russian trade turnover, acting head of the Federal Customs Service Ruslan Davydov said in an interview with the NTV channel at the St. Petersburg International Economic Forum (SPIEF). "The European Union has given up its positions; it is not the main partner of Russia any more. While our turnover was about 38% two years ago, then the drop is significant as of the end of five months [of 2023] - the trade turnover is about 18%. We will not tend to zero because we are receiving quantities of drugs and niches are in place that were not covered by sanctions," the official said. The share of trade turnover with APEC economies is 40%, he added.
Belarus and Russia dramatically increased mutual trade in services, Belarus' Ambassador to Russia Dmitry Krutoy said at the St. Petersburg International Economic Forum (SPIEF). "The turnover of the services sector last year reached around $6bn and the growth rate was 29%, which is twice the growth rate of the union's trade in goods," he said. According to the ambassador the service sector is currently dominated by transport amid sanctions. "Our transport complex of the Union State is working very well - it is fscing tasks that are no less difficult than those of the industry," the diplomat noted.
The trade turnover between Russia and China amounted to 4.2 trillion rubles ($50.94bn) in January - March 2023, the Russian Ministry of Economic Development said on Friday. "China is one of key trading partners of Russia. In January - March 2023, the bilateral trade turnover totaled 4.2 trillion Russian rubles," Deputy Minister Dmitry Volvach said. The share of Far Eastern regions in trade with China totaled 10.8% as of the end of the last year and 9.8% when the first quarter ended, the official said. Primorsky and Sakhalin Regions are taking the lead in trading with China.
China's exports to Russia are up from $3.8 bn in May 2019 to $9.3 bn in May 2023. That's a big rise, but it understates the true shift, as China's exports to Turkey (blue), Kazakhstan (black), Kyrgyzstan (red) & Uzbekistan (orange) are also up lots. We give Putin cash. He spends.
81 RUSSIA Country Report July 2023 www.intellinews.com