Sunday, June 23, 2024

West sanctions yet is importing more from Russia

A number of countries have dramatically increased their average monthly volumes of imports from Russia this year, according to trade data compiled by the Observatory of Economic Complexity, as cited by the New York Times.

Thus, imports of Russian goods by Spain saw a surge of 112%, while Russian exports to Belgium soared 130%. The Netherlands increased imports from Russia by 74%. Japan’s purchases of Russian goods and produce grew by 40%, while Germany and Norway ramped up imports from the sanction-hit nation by 38% and 21%, respectively. 

Moreover, Russia’s total trade turnover with The Netherlands grew by 33%, as well as 13% with Japan, while overall trade with Belgium jumped by 84%.

At the same time, most of these nations have reduced exports to Russia, giving Moscow a healthy trade surplus. India, the top importer in the ranking, reduced exports by 19%, while exports from Brazil and Spain dropped 13% and 44%, respectively. 

The US and Britain saw the biggest decline in exports to Russia of 84% and 71%, respectively. Sweden reduced exports to Russia by 61%.

Meanwhile, China and Türkiye, on the other hand, increased the export of goods to Russia. Beijing ramped up the volume of exports to Russia by 24%, while exports from Türkiye soared by 113%.

The report notes that the results are rather retrospective, as the online data platform has published the figures with a lag.

India and Türkiye emerged as major importers of Russian goods and produce, demonstrating an enormous surge of 430% and 213% respectively. Brazil, whose imports from Russia soared by 166%, was ranked third on the list. Russia’s exports to China saw an increase of 98%, while imports of Russian goods by Saudi Arabia grew by 45%.

Some of the nations that have been actively boosting purchases of goods and produce from Russia have taken an active role in opposing the country’s military operation in Ukraine, including EU member states and those supporting anti-Russian sanctions.

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