EU: In response to Western sanctions on Moscow, the volume of trade between Russia and the EU decreased by a third between April and December 2022, according to First Deputy Prime Minister Andrey Belousov.
According to the official, trade between Russia and the EU has been sharply declining. Belousov noted on Wednesday that trade turnover in the eastern and southern directions is increasing at the same time.
The deputy prime minister emphasised that between April and December of the previous year, Russian trade turnover with Turkey, Egypt, and Persian Gulf nations nearly doubled, while volumes with Southeast Asian nations and China increased by more than 17%.
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According to official statistics, the EU accounted for 37.3% of Russia's total international trade in goods in 2020, making it the country's top trading partner. Russia imported more than 36% of its goods from the EU, and it exported 37.9% of what it produced to the 27-nation group.
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275 billion euros ($257.5 billion) worth of goods were exchanged between Russia and the bloc in total in 2021, according to data from the European Commission. The majority of the EU's imports, which totaled €158.5 billion ($170 billion), were made up of mining and fuel products, particularly wood, iron, and steel as well as fertilisers.
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In contrast, compared to the same time last year, the EU exported 43% fewer goods to Russia. In comparison, a study by the Kiel Institute for the World Economy found that China exported 23% more goods to Russia last summer than it did in 2021.