Russia’s economic cooperation with Asian and African countries has continued to grow while trade with the European Union has declined, according to the latest report by the Federal Customs Service (FCS).
Data released this week showed exports to Asia jumped to $226.6 billion in the first nine months of the year, up by 10% from the same period of 2022. Exports to Africa surged by over 50% to $15.6 billion in January-September, compared with $10.1 billion one year ago.
Russian imports from the two regions also increased, amounting to $140 billion in value terms in the case of Asia, up by 40% on 2022. Moscow also boosted purchases from Africa by 10% to $2.5 billion.
Asian countries’ share of Russia’s overall foreign trade now accounts for about 70%, according to FCS data.
In contrast, Russian trade with the EU has steadily declined. Exports to the bloc plunged from $216.7 billion in January-September 2022 to just $65.3 billion in the same period of this year. Imports from the EU…