Russia on expansion course: export strategy to Asian growth!

Russia on expansion course: export strategy to Asian growth!

Russia is aggressively pursuing the goal of diversifying its economy and significantly increasing exports of non-commodity and non-energy goods. Efforts to broaden the export base are particularly important in the context of geopolitical challenges. A report on vietnam.vn notes that the export volume of these goods increased by 6% to $111.4 billion in the first nine months of 2023. These developments were discussed at the International Export Forum “Made in Russia” in Moscow, where strategies for market expansion were presented.

Veronika Nikishina, General Director of the Russian Export Center, highlighted the key role of Russian exports. According to her, a third of the world's grain, a third of all nuclear reactors and a quarter of global vegetable oil exports come from Russia. The country also produces one in ten cars worldwide. To strengthen economic independence, Russia aims to increase non-energy exports by 70% by 2030 compared to 2020.

Focus on Asian markets

The Russian export strategy is increasingly aimed at friendly markets, especially in Asia and Africa. According to forecasts, in 2024 the share of Asian and African countries in Russia's agricultural exports will reach 74% for the first time. At the export forum, companies discussed practical steps to develop trade and localize products in these regions. Ilya Koltygin, chief representative of the Russian Export Center in Vietnam, confirmed the intention to expand the presence of Russian goods in the region.

In terms of foreign trade figures, Russia recorded an increase in exports of 0.5% to $278 billion in 2024, despite ongoing sanctions and geopolitical instability. The main export markets are now focused on Asia, Africa and post-Soviet countries. The largest exporters are mineral raw materials, which account for 61% of total exports. Food and agricultural products represent another important sector, accounting for 10% of exports, as reported on russiaspivottoasia.com.

Trade balance and economic prospects

Russia's trade balance remains an important indicator of the country's economic health. According to Statista, trade balance data is available from 2014 to 2024, which may provide a comprehensive perspective on economic developments. A trade balance in billions of US dollars was calculated in 2024, taking various economic factors into account.

The economic forecast for 2025 suggests that exports could rise to up to $290 billion, while imports are estimated at $190 billion. This shows a further commitment to expanding foreign trade, supported by the reorientation of import sources from the EU to Asia, including countries such as China and India. Meanwhile, a decline in imports from traditional trading partners such as Germany and the USA is noted, reflecting strategic changes in global trade.

Overall, Russia aims to position itself as an indispensable supplier of high-quality goods and services, which is highlighted by the national project “International Cooperation and Export”. The goal is for exports outside of raw materials and energy to reach over $248 billion by 2030. Over the past decade, the Russian Export Center has supported 72,500 companies and facilitated foreign trade transactions worth a total of over $160 billion.

In summary, Russia's economic strategy is focused on diversification, expansion into new markets and adaptation to current global conditions.