According to the British customs statistics, from January to June 2018 Russia’s non-resource non-energy export to the UK has shown substantial improvements – it rose by 21,7% as a consequence of the growing trade turnover between Russia and the UK.
24 September 2018, London. In the first half of 2018 the trade turnover between Russia and the UK has reached $6,375 m. It is 28,8% more than in January-June 2017 – $4,949.4 m. The sustainable growth of the bilateral trade has been reported since the end of 2016 by the customs statistics of both countries.
The Russian export appears to be the driving force of the growth. In the first half of 2018 the Russian export has risen by 42,7% and has amounted to $4,571.8 m. Along with the traditionally high activity in energy resources, the Russian non-resource export has also shown a quality improvement and certifies a strong pattern to keep up the high pace.
The largest contributors to the Russian export structure are platinum group metals and organic chemistry products both of which increased twofold, while veneer and board industry were up by 10%, seafood – by 44%.
At the same time, the British export to Russia increased by 3,3%.
Overall from January to June 2018 there are several groups of products leading Russia’s export structure to the UK: energy resources – increase of 43%, precious stones and related articles – growth of 159%, articles of stone, ceramic products, glass and glassware – of 128,4%.
Russia ranks Britain as its 14th trade and economic partner by the volume of Russian exports and 12th by the volume of imports to Russia. The Russian trade surplus with the UK is constantly growing; it has already reached $2,8 bn for the first half of 2018 given that in 2017 the trade surplus amounted $4,64 bn.
According to the Trade Representative of the Russian Federation in the UK, Dr. Boris Abramov, “The customs turnover data encourages the expansion of business opportunities both for Russia and the UK. For the Russian exporters the most promising spheres are machinery manufacturing, the pharmaceutical industry and medicine, as well as daily goods consumption, services in engineering, consulting, finance, business and tourism. Innovative software technologies, finances and education also have vast potential of growth”.