Russia’s trade turnover has surpassed pre-pandemic levels in the first half of this year, according to the country’s customs authority. The acting head of the Federal Customs Service (FCS), Ruslan Davydov, announced that the trade turnover for January to June was 3% higher than the same period in 2019. During a meeting with Prime Minister Mikhail Mishustin, Davydov attributed this growth to several measures implemented by the FCS, such as streamlining customs clearance processes, removing customs duties on certain goods, and increasing the duty-free threshold for online purchases.
Davydov also highlighted a significant shift in the flow of goods, with Russia’s trade shifting towards the east and south, prompting the FCS to adapt accordingly. The customs service has expanded its workforce, introduced 24/7 work schedules at certain checkpoints, and implemented new technologies to facilitate the monitoring of larger cargoes. These actions aim to accommodate the changing patterns of trade in response to the introduction of Western sanctions on Russia following its military operation in Ukraine.
To compensate for the loss of a substantial share of the EU market, Russia has turned to its partners in the BRICS bloc, including China and India. Chinese customs figures released last week revealed that the trade turnover between Russia and China surged by over 40%, reaching $114.5 billion in the first half of this year compared to the same period in 2022. Additionally, the trade turnover between Russia and India rose almost fourfold to nearly $22 billion between January and April this year, compared to the same period last year.
According to RIA Novosti’s report in June, which cited calculations based on data from India’s Ministry of Commerce and Industry, these developments have positioned China and India, along with Türkiye and Azerbaijan, as key players in Russia’s foreign trade, effectively replacing the EU.
The increase in trade turnover signifies Russia’s resilience and adaptability in the face of challenging circumstances. By diversifying its trade partnerships and expanding into new markets, Russia has been able to maintain and even surpass its pre-pandemic trade levels. These positive developments reflect a broader global shift in the flow of goods, with Russia emerging as a prominent trade partner for countries in the east and south.
Looking ahead, Russia’s customs service will continue to adapt and implement measures to facilitate trade and streamline customs processes. By leveraging new technologies and expanding its workforce, Russia aims to further promote and support its trade relations with its partners in the BRICS bloc and beyond.
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