Imports from BRICS to Russia Keep Growing

Imports from BRICS to Russia Keep Growing

Last year`s results indicate that imports from the BRICS countries to Russia have increased by 7%, according to TASS, referencing the Deputy Minister of Economic Development, Vadim Zhivulin. The value of external trade between Russia and these countries has exceeded $125 billion, which is 20% more than during the same period last year (Russian exports have grown by around 40%).

According to the Deputy Minister, we should be seeing, as expected, a significant increase in goods produced by small and medium-sized companies of the BRICS countries, in monetary and volume terms. Those areas in which the share of small and medium-sized businesses is expected to grow over the next few years include digitalisation, the development of goods supplies, and the exchange of support mechanisms for small and medium-sized businesses.

A single digital platform will facilitate the exchange of experience between Brazil, Russia, India, China and South Africa, and will also expand their cooperation within the union. The BRICS countries will discuss the creation of such a platform in the near future.

Russian exports to the BRICS countries in RUB have grown in the last five years by 7.2 times (up to 9.4%) and amounted to $6.3 billion. The volume of deals in EUR has grown by 7.9 times (up to 9.5%) and reached $6.3 billion, and in national currencies by 3.1 times (to 4%), reaching $2.7 billion.

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