Русский
Russia is still actively in the process of refocusing its exports to the East and Global South.Trade with China and India has largely stabilized and the pace of its growth will slow, while new markets need to be developed, primarily exports to ASEAN countries, Russian Deputy Economic Development Minister Vladimir Ilyichev said recently in an interview with Interfax.
“I would not call this process [refocusing of Russian exports] complete. Let me put it this way: stage one, when everyone had to search for new markets under external circumstances, is over. The refocusing has been mostly accomplished,” Ilyichev said.
“In our opinion, some fragmentation will follow and our exporters will look for ways to diversify their supplies. The situation with China and India has stabilized. I would rather expect some of these supplies to go to other countries, based on the ratio of premium markets and the fact that new logistics routes are being built anyway and new options for making payments in national currencies,” Ilyichev said.
“Hence, our companies discover new markets. In our view, that would largely be ASEAN, a growing market that is not entirely new to us but still has to be explored. These are Indonesia, Thailand, Malaysia and other countries showing interest in our goods. In my opinion, the focus will mostly shift there due to objective conditions, including the growth of their market. Naturally, the Chinese market will remain key to us. But I believe that a certain diversification of goods will occur, the pace of growth will slow down, and the exports will be more diversified,” he said.
As to developing trade with Africa, Ilyichev said, “Africa is a very interesting market but it is not that simple. You cannot go there and be an immediate success. It requires thorough work. Of course, they are interested in our goods, and this is a matter of building relations, so that it is not just an interest, but a commercially justified interest for us,” Ilyichev said.
In Latin America, Russia “is developing trade with Brazil very fast and we are tangibly growing for clear reasons, this is one of the largest markets for our fertilizers,” Ilyichev said. “The supply of other goods has also been active. I believe that this market [Brazil] will become increasingly important to our exporters,” he said.
As to other Latin American states, “the situation differs greatly depending on a particular country. There are some impediments, including at the logistics level,” he said.
While commenting on Middle East trade, Ilyichev said, “We have seen considerable growth in high-margin markets, for example the UAE and Saudi Arabia. This is very interesting for our exporters, including those who export food, as the deliveries will keep growing,” he said.
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