During the online conferences of the Fifth Westminster-Russia Forum (London) and "International Business Week" (Ufa) the Trade Delegation presented trends in bilateral trade in 2020, as well as recommendations for exporters and the opportunities provided by the introduction of a new UK Global Tariffs.
According to the UKTradeInfo, trade turnover between Russia and the UK in three quarters of 2020 reached $19bln. Demand for precious metals, in particular for gold from central banks and investors increased sharply during the year, which led to a doubling of Russian exports. At the same time, some commodity groups, including FMCG, showed stagnation or decline in trade volumes.
UK imports into Russia also declined during the year by an average of 10-15% in various commodity groups. Meanwhile, over the three quarters of 2020, total British foreign trade with the world as a whole fell by 14% compared to the same period in 2019.
Russia now ranks 4th in exports to the UK after the European Union, the U.S., and China. Among Russia's non-CIS trading partners, the UK now also ranks 4th.
The V Westminster Russia Forum in London, organized by Rossotrudnichestvo and the Directorate of WRF brought together over 60 speakers, including Russian Ambassador to the UK Andrei Kelin, head of Rossotrudnichestvo Evgeny Primakov, Deputy Director General of ITAR TASS Mikhail Gusman, political scientist and publicist Alexander Rar and other speakers. The forum was devoted to politics, culture, sport, economy and trade. Our contributing report on bilateral trade and prospects of cooperation can be found here:
During the III International Business Week in Ufa Trade Delegation took part in the session "Welcome to export. From country choice to delivery", which was also attended by Vice-President of the Russian Export Center Alexei Mikhailik, Maxim Eliseev, the head of the project to develop partnerships between UNIDO and Russia, and other speakers.
The Trade Delegation's report on trade and opportunities for Russian exporters can be found here:
Ministry of Industry
and Trade of Russia
and Trade of Russia