The blockade failed: Mishustin announced an increase in trade turnover with friendly countries

Russia compensated for losses in the European direction by trade with Asian countries and BRICS members

Western attempts to organize a blockade of Russian foreign trade have failed. Trade turnover with friendly countries exceeded $548 billion. It not only grew, it turned out to be comparable to the volume of the country’s trade with the whole world, which was four years ago, Mikhail Mishustin said, speaking with an annual report on the government’s work in the State Duma. The expert community believes that this upward foreign trade trend will continue in 2024.

“We managed to stop the West’s attempts to organize a blockade of Russian foreign trade. Trade turnover with friendly countries has not only grown, but today is comparable to the volume of Russia’s trade with the whole world four years ago,” said Mishustin.

The Prime Minister emphasized that the decrease in trade turnover with the European Union was largely compensated by increased trade with China, India, Turkey, Belarus, Kazakhstan, the UAE, Africa and Latin America. “The share of friendly countries has increased to 77%,” Mishustin noted.

Let us note that Russia’s trade turnover with the BRICS countries alone increased to $294 billion in 2023, which is 41.4% of the total volume of Russian foreign trade. This was stated by the President of the Chamber of Commerce and Industry (CCI) of the Russian Federation, Chairman of the BRICS Business Council in 2024, Sergei Katyrin.

In fact, at the moment, Russia’s trade turnover with friendly countries has crossed the level of $548 billion. This was mainly achieved by increasing exports to Asian countries – this alone gave $226.6 billion, that is, an increase of 10.3% per annum calculus, says Artem Deev, head of the analytical department at AMarkets.

“In addition, Russia also increased purchases of goods from friendly countries – imports increased by 39.5%, crossing the threshold of $140 billion. In my opinion, these are impressive results. And taking into account the fact that the share of friendly countries in trade turnover has risen to 77%, I believe that the upward trend will continue in 2024,” the expert believes.