October 2, 2023 8:46 pm

Russia’s top import partners undergo significant changes, says RT Business News.

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Türkiye has emerged as Russia’s second-largest supplier of goods in the first half of this year, surpassing Belarus, according to data from Russian digital bank Tochka. The report states that Türkiye’s share of imports stood at 13% between January and June, a significant increase from the 5% recorded during the same period last year. On the other hand, Belarus experienced a decline in its share of Russian imports, dropping to 12% in the first half of this year compared to 24% in the previous year.

Although Mainland China remains Russia’s top supplier with a 42% share of total import volumes, Türkiye’s rise to second place highlights its growing importance in the Russian market. Hong Kong occupies the fourth spot with a 9% share, while Kazakhstan also features in the top five with a 5% share of Russian imports.

The notable increase in Türkiye’s imports can be attributed to the country’s production of high-quality goods, particularly in the clothing sector. This has led Russian entrepreneurs to switch to Turkish manufacturers, as they are capable of replacing the brands that have exited the Russian market. Alena Panasko, a representative from Tochka’s foreign business department, has highlighted this switch and its impact on the trade dynamics between Russia and Türkiye.

In terms of specific products, machine tools, production lines, and other equipment used in manufacturing, as well as electrical goods, were among the most sought-after imported goods in the first half of this year. This indicates a growing demand for these types of products in the Russian market.

The expansion of trade between Russia and Türkiye is a positive development for both countries. It presents Türkiye with an opportunity to strengthen its export sector and boost its economy further. As Türkiye becomes a more significant supplier for Russia, it can capitalize on this growth by expanding its market presence and establishing stronger trade relationships.

For Russia, diversifying its import sources is advantageous for ensuring a stable and reliable supply chain. With Türkiye’s increasing share of imports, Russia’s dependency on Belarus has reduced, spreading out the risk of potential disruptions or trade conflicts.

Moving forward, it will be essential for both countries to maintain their positive trade relationship and further explore opportunities for cooperation. By fostering a mutually beneficial partnership, Russia and Türkiye can continue to expand their bilateral trade and economic ties.

In conclusion, Türkiye’s rise to become Russia’s second-largest supplier underscores its growing influence in the Russian market. This shift can be attributed to Türkiye’s production of high-quality goods and its ability to replace brands that have exited the Russian market. As trade between the two countries strengthens, both Russia and Türkiye can leverage this development to foster economic growth and explore new avenues for collaboration.

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Original Source: Russia’s top import partners undergo significant changes, says RT Business News.

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