Last Updated on: 21st November 2023, 11:40 pm
Trade between Moscow and the European Union is on the rise, according to new figures coming from the Russian city.
Vladimir Yefimov, Moscow’s deputy mayor for economic policy and property and land relations, revealed that trade between Moscow and EU member states rose two percent from January to March this year, with a figure of $27.46 billion USD being cited.
It is estimated that this number represents around half of all trade between Russia and the EU.
Vladimir Yefimov discussed Moscow’s biggest trading partners while talking about these numbers. He said: “Of (the overall number), non-resource and non-energy exports accounted for USD 1.6 billion, an increase of 46.2% year-on-year and 79.2% from the first quarter of 2019. Germany, Italy, the Czech Republic, the Netherlands, Finland, and Sweden were key consumers of Moscow’s exports.”
Yefimov’s nod to non-resource and non-energy exports may be due to the city’s aims to reach targets that were set by a national program entitled International Cooperation and Exports. This program tasks regions within the country to increase their non-resource and non-energy exports 70 percent in the decade leading up to 2030.
Industrial exports are on the rise between the city and the EU, with exports of the likes of polyethylene, polypropylene, automobile tires, immunological treatments, vaccines, and electronic equipment for industry, all contributing.
Alexander Prokhorov, head of Moscow’s department for investment and industrial policy, discussed this.
He said: “Moscow’s exporters have high-tech products to offer Europe. Components for the electronics and automobile industries – things like integrated circuits, EMV cards, and similar products – are good examples.”
Experts are looking towards Germany, Poland, Austria, and Slovenia as areas with potential for further trade with the Russian city.