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    World

    Russia’s trade with Kazakhstan, Uzbekistan, and Armenia soars by 7% to record $56.2 bn

    Russia’s trade with Kazakhstan, Uzbekistan, and Armenia soars by 7% to record $56.2 bn

    Kazakhstan, Uzbekistan, and Armenia are Russia's top trading partners, with trade turnover with these nations reaching a record $56.2 bn in 2023 — a 7% rise from $52.5 bn the year before.

    Photo: Russia’s trade with Kazakhstan, Uzbekistan, and Armenia soars by 7%
    Source: Business.com

    Key trading partners

    Kazakhstan remained Russia’s primary trade partner among neighbouring countries in Asia, with a stable annual trade turnover of $26 bn. However, Kazakhstan’s share slightly decreased to 46%, down from nearly 50% in 2023.

    Uzbekistan emerged as Russia’s second-largest partner in the region. The trade turnover between the two countries rose by 5.4% compared to 2022, reaching $9.9 bn. This growth underscores Uzbekistan’s increasing importance in Russia’s trade network.

     

    Armenia, whose trade with Russia grew 1.4 times last year to $7.3 bn, rounded out the top three.

    Other significant partners

    Azerbaijan followed closely, with its trade turnover increasing by almost 18% to $4.4 bn last year. Uzbekistan, Armenia, and Azerbaijan collectively accounted for 38% of Russia’s trade turnover with the region, up from 33% a year earlier, reaching historic highs by the end of 2023.

    Photo: Russia’s trade with Kazakhstan, Uzbekistan, and Armenia soars by 7%
    Source: RIA News
    Kyrgyzstan emerged as Russia’s fifth-largest trading partner, despite a 17% decrease in trade turnover to $2.9 bn. Georgia ranked sixth with a trade turnover of $2.4 bn, slightly down from $2.5 bn a year earlier. Meanwhile, trade turnover with Tajikistan grew modestly by 2.7% to a record $1.7 bn.

     

    While Turkmenistan has not yet published data for 2023, the Russian Ambassador to  Turkmenistan, Ivan Volynkin, stated in February that both countries expect mutual trade to grow by the end of the year. Therefore, last year’s trade turnover should be no less than the 2022 figure of $1.6 bn.

     

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    17.03.2024, 10:00   Comments (0)   1586
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