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Trade between Moscow and the BRICS countries grew by almost 30% in 2021

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Following the results of eight months of 2021, the trade turnover between the capital and the BRICS countries increased by 27.9% compared to the same period last year and reached $42.1 billion. The indicators increased by 12.5% compared to the same period in 2019, when the trade volume amounted to $37.43 billion.

“In January-August this year, the trade between Moscow and the BRICS countries reached $42.1 billion, which is 27.9% higher than in the same period last year, when the trade volume was equal to $32.92 billion, and it’s 12.5% higher than in eight months of 2019, when the trade volume amounted to $37.43 billion. Moscow’s trade with the bloc countries is quite balanced: exports to the BRICS countries account for about $20 billion, imports account for around $22 billion,” said Deputy Mayor of the City of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.

BRICS is an economic bloc founded in 2006. It includes Russia, China, Brazil, India and South Africa. In the structure of mutual trade in the period from January to August 2021, 92.5% of trade turnover falls on China ($38.93 billion in monetary terms), followed by India – 6% ($2.52 billion), Brazil – 1, 1% ($0.46 billion) and South Africa – 0.5% ($0.2 billion).

“The greatest interest in the structure of trade between Moscow and BRICS is represented by non-resource non-energy exports of the capital to these countries. If in January-August 2019 it amounted to $1.23 billion, then in the same period of this year it has already reached $1.5 billion, showing an increase of 3% compared to last year and 22% by the first eight months of 2019. If we talk about shipments for a full year, then from 2018 to 2020 the volume of non-resource non-energy exports increased by almost a third – from $2.33 billion to $2.98 billion,” said Alexander Prokhorov, Head of the Department of Investment and Industrial Policy of Government of Moscow.

The Center for Exports Support and Development “Mosprom” notes that this year Moscow’s non-resource non-energy exports to China amounted to $1.11 billion, to India – $340.13 million, goods worth $20.45 million were delivered to Brazil, and $27.38 million to South Africa. At the same time, Moscow exports mainly industrial products to the BRICS countries, the most popular are mechanical equipment, plastic items, electrical devices, communication equipment, including various components for them.

The “Mosprom” Center, subordinate to the Moscow Department of Investment and Industrial Policy, provides individual support for the capital’s industrial and agricultural products exports. The Center’s experts analyze target markets for

metropolitan manufacturers: experts study the macroeconomic report on the target market, the risk profile, including barriers to entry, the state of the industry in the target market and its dependence on exports and imports, SWOT analysis of the consumer market.

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