Russia – Asia Freight Traffic Increased 50% in H1 2023
Russian freight values with Asia could reach US$466 billion for the full year
The cargo traffic between Russia and Asian nations surged by almost 50% over seven months of this year in annual terms to reach a value of ₽25 trillion (US$271.9 billion), Russian Prime Minister Mikhail Mishustin said in his address to the International Customs Forum.
“The freight traffic with Asian countries gained almost 50% in seven months of this year, compared to the same period of 2022. It amounted to 25 trillion rubles. This is more than two thirds of our trade turnover,” the Prime Minister said.
The throughput capacity of border crossings has notably increased, Mishustin noted. The trade turnover over the North-South international corridor is 30% above last-year indicators over three quarters of 2023, he said.
Taken over the full year, 2023 freight values from Russia to Asia could reach US$466 billion, with about half of that being China trade. We have tracked Russia’s eastbound trade in the following articles:
The government has already adopted a series of measures to expand the Russian foreign trade with friendly countries, Mishustin said. Customs procedures were simplified as much as possible and socially significant goods undergo clearance in the first instance, he added.
About Us
Dezan Shira & Associates assist foreign investors into Asia and have 40 offices throughout the region, including China, ASEAN, India, and the Middle East. For assistance, please contact us at asia@dezhira.com or view our pertinent business guides below.
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About Us
During these uncertain times, we must stress that our firm does not approve of the Ukraine conflict. We do not entertain business with sanctioned Russian companies or individuals. However, we are well aware of the new emerging supply chains, can advise on strategic analysis and new logistics corridors, and may assist in non-sanctioned areas. We can help, for example, Russian companies develop operations throughout Asia, including banking advisory services, and trade compliance issues, and have done since 1992.
We also provide financial and sanctions compliance services to foreign companies wishing to access Russia. Additionally, we offer market research and advisory services to foreign exporters interested in accessing Russia as the economy looks to replace Western-sourced products. For assistance, please email russia@dezshira.com or visit www.dezshira.com
