Russia Became One of Main EU Suppliers

The result of mutual trade turnover between Russia and the European Union in January-April 2021 amounted to 70.3 billion euros, RIA Novosti reports. In particular, EU imports from Russia in the first four months of the year amounted to 42.5 billion euros, which is 12.5 per cent more than in the same period of 2020. With this result, Russia entered the top 3 following the United States (71.4 billion euros) and China (139.4 billion euros). 

In terms of exports from the EU, the leaders are the United States (125.4 billion euros), the UK (almost 88 billion euros), and China (about 74 billion euros). Russia has a result of 27.8 billion (+7.3 per cent).

It is clarified that, in general, the share of the European Union in the Q1 of 2021 accounted for almost 35.5 per cent of Russia’s foreign trade turnover, which is almost three times more than the figure for the CIS. Trade turnover with China in January-April was $39.2 billion, with the United States a little more than $10 billion, with Turkey and Korea $9 billion, and with the United Kingdom about $7 billion.

Experts note that the EU mainly buys from Russia the products of the fuel and energy complex. Thus, the supply of natural gas has grown significantly due to the abnormally cold and prolonged winter in Europe (according to information from Gazprom, in three months it grew rapidly by 30.7 per cent on an annualized basis).

In addition, it is stated that Russians send to Germany mineral fuel, timber, ferrous and non-ferrous metals, as well as products from them. Equipment comes from Germany to Russia, including medical equipment, pharmaceuticals, perfumery, cosmetics, and detergents.

The Russian authorities stay optimistic, “We have something to offer the European consumer in addition to black gold and blue fuel. Russia by 2030 may enter the top 10 food suppliers. While we are in the top twenty,” the Deputy Prime Minister, Victoria Abramchenko, said at a meeting of the final board of the Ministry of Agriculture.

Abramchenko pointed out that the rise in the agricultural sector made it possible to increase exports by almost 20 per cent in 2020, to $30 billion, which for the first time exceeded imports. By June, the agro-industrial complex of Russia sent abroad products worth $12.5 billion.

Moreover, the press service of the Ministry of Agriculture informed that Russia has shown the world’s highest growth rates of food exports. In 6 years it grew by 90 per cent, which is more than $14 billion. It is specified that the main drivers of development in future will be the supply of grain, vegetable oils, fish and seafood, meat and dairy products, confectionery. Key regions for increasing trade are China, India, Southeast Asia, the Middle East, Africa, as well as the countries of the post-Soviet space.

Ru-Main, 22.06.2021 

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