Russia’s Trade Turnover With Central Asia Reached US$44 billion In 2023

Mikhail Galuzin, Russia’s Deputy Foreign Minister, has stated that the total volume of trade turnover with Central Asia in 2023 exceeded US$44 billion, representing 33% of all foreign trade of the Central Asian states.

Meanwhile, the use of mutual currency settlements in this trade in national currencies of Russia with Kazakhstan, Kyrgyzstan and Tajikistan has now reached 80%. Galuzin was speaking at the 4^th Central Asian Conference of the Valdai International Discussion Club.

Galuzin said that Russia is aiming at consistent cooperation in the Central Asian region, as the region is experiencing very positive prospects for economic growth. “Over the past 20 years, Central Asia’s  economic growth has exceeded the world average by approximately 2.5 times” he said.

Central Asia 2023 GDP Growth Rates          

In transitioning away from the low-growth Eurozone markets, Russia has effectively invested instead in higher growth markets. China’s GDP growth rate in 2023 for example was 5.2%, India’s 6.7% while Eurozone growth receded by 0.4%. Russia’s 2023 GDP growth was 3.6%, and was achieved despite Western sanctions.