According to Mosprom, Moscow Is 5th Largest EU Trade Partner
European Union member states posted $245 billion in exports for the first half of 2021, up 23.3% year-on-year. According to Eurostat data, in that same period Russia took fifth place among EU trade partners measured by trade turnover.
MOSCOW, September 28, 2021 (Newswire.com) - In the first quarter of this year, Moscow-based producers saw their exports to EU member states go up 2% to USD 27.46 billion. Local companies send products to all the countries of the European Union, but Germany, Italy, the Netherlands, and Finland buy the bulk of those exports.
Almost half of Russia's total trade volume with the European Union comes from its capital city. "Moscow posted record exports to EU countries in the first quarter of the year, with non-resource and non-energy exports reaching USD 1.6 billion, up 46.2% year-on-year," said Alexander Prokhorov, head of Moscow's department for investment and industrial policy. "The capital is the driving force behind Russia's booming economic relations with the European Union, and it accounts for half of Russia's total trade turnover with Europe," he added.
The Mosprom Center notes that high-tech and high value-added products make up an increasingly larger share of Russia's exports, and that Moscow's exporters are selling components for the electronics and automobile industries, integrated circuits, and smart cards to buyers in Europe. The top categories of exports to Europe include chemical products, machinery, electronics, and recycled products. Among recycled goods, polypropylene and polyethylene are popular, as are electronics for industrial use.
Industrial products, which are the most significant item in Moscow's non-resource and non-energy exports to the European Union, were up 73.7% year-on-year in the first half of 2021 to over USD 3.5 billion. Local companies sell significant volumes of machinery, electrical equipment, plastic items, immunologic agents, vaccines, and wood products to Europe.
The Mosprom Center, subordinate to the Moscow Department of Investment and Industrial Policy, deals with individual support for the capital's industrial and agribusiness exports.
The experts at the Center analyze the target markets for the capital's manufacturers. Specialists study the macroeconomic report on the target market, as well as the risk profile, including entry barriers, the state of the industry in the target market, its dependence on exports and imports, and SWOT analyses of the consumer market. The experts at the Center also perform individual analyses for the companies in order to determine the most effective strategy for entering foreign markets.
In addition, as part of the buyer program, the Center's experts - free of charge and based on specific export needs - help Moscow companies with the search of counterparties and negotiations with potential buyers abroad, in addition to providing for the participation of Moscow companies in international exhibitions and business missions.