Russia plans to boost exports by around 25% this year – reports

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Author: RT
This post originally appeared on RT Business News

Russia plans to boost exports by around 25% this year – reports

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.

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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.

Also on rt.com Russia on course to keep global grain supplies high despite export cap

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.

For more stories on economy & finance visit RT’s business section

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