Russia’s non-resource non-energy exports dropped 1.5% in January-October 2022 — deputy PM

Russia Materials 25 December 2022 00:37 (UTC +04:00)
Russia’s non-resource non-energy exports dropped 1.5% in January-October 2022 — deputy PM

Russia’s non-resource non-energy exports were 1.5% lower in January-October 2022 compared to last year’s similar indicator, Russian Deputy Prime Minister, Industry and Trade Minister Denis Manturov said on Saturday, Trend reports citing TASS.

"It is already evident that all of these measures have made it possible to avoid a critical decrease in the non-resource non-energy exports and to restructure our logistics. We managed to maintain the bar of the volume of non-resource non-energy exports in money terms. Thus, according to results of the [first] ten months of 2022, the volume of non-resource non-energy exports slightly dropped by 1.5% compared to the same period last year. We promptly restructured logistics, and are now finding new cooperation links and adjusting the schemes of mutual payments," said Manturov, as cited by the Russian government in a statement on Saturday, following the meeting of the Coordinating Council on Industry in Bashkortostan.

Manturov outlined the priority objectives that the government, regions and companies are currently addressing as part of the national project ‘International Cooperation and Export.’

"They involve redirecting the external flows and sales channels of industrial products to more promising under current circumstances, as well as expanding foreign trade relations by getting around bottlenecks and setting up new international transport and logistics routes," the statement said.

According to Manturov, priority imports are recovering thanks to the targeted measures of support.

"Among the financial measures, it is worth highlighting the preferential loans offered by commercial banks and the Eximbank of Russia to purchase priority imported goods. Within the framework of these instruments, more than 1,050 credit agreements worth more than 335 billion rubles in total have been concluded with importers. In addition, it was decided to extend the program of preferential lending to importers for 2023," he commented.

As the Russian Export Center (REC, part of the VEB.RF group) earlier reported, Russia’s non-resource non-energy exports increased by 40% in January-October 2021, compared to the same period in 2020, and amounted to $153 billion.