This post originally appeared on RT Business News
As global supply chains and trade recover from the pandemic, Russia is planning to expand both exports and imports in 2021 and beyond, a new forecast from the Ministry of Economic Development shows.
According to the ministry’s outlook for Russia’s socio-economic development, seen by TASS news agency, outbound shipments of goods from the county are set to reach $ 411.7 billion this year. This is a 23.9% increase compared to 2020 when exports stood at $ 332.2 billion.
Russia is also set to boost imports this year. The document forecasts that they will rise by more than 10% to $ 265 billion, up from $ 240.4 billion last year.
Trade is set to further grow in the coming years with exports and imports steadily growing to hit $ 464.4 billion and $ 317.9 billion, respectively, by 2024.
Energy sales have traditionally accounted for a bulk of Russia’s exports, but the volume of non-energy shipments has been rising in recent years. In December 2020, Russia’s non-resource and non-energy exports set a new monthly record and increased around 4% to $ 161.3 billion for the whole year.
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