Trade volume between Russia and Central Asia increases amid Western sanctions

Last Updated on May 24, 2024 4:00 pm

Trade volume between Russia and Central Asian countries is on the rise despite Western sanctions stated Sergei Overchenko, Deputy Director of the third department of CIS countries of the Russian Foreign Ministry during an expert discussion hosted by the Valdai Discussion Club on 20 May Tass reports. The discussion focused on Russia and Central Asia in new strategic conditions based on the results of the 4th Central Asian Conference held on May 14-15.

Earlier Daryo reported that the Russian Deputy Foreign Minister Mikhail Galuzin had highlighted at the 4th Central Asian Conference of the Valdai International Discussion Club on May 14 that the total trade turnover between Russia and Central Asian countries exceeded $44bn in 2023, with Russia accounting for one-third of Central Asia’s foreign trade turnover.

Moreover, Russia remains a key trade and economic partner for Central Asian states maintaining a significant presence in the region’s economy as noted by Overchenko at the discussion.

Overchenko further emphasized that Russia is one of the primary consumers of goods produced in Central Asia highlighting the sustained economic ties between Russia and Central Asian countries undeterred by external pressures.

Furthermore, according to the state statistic agency Uzbekistan’s exports to Russia in Q1 2024 reached $1bn, while imports for the same period totaled $2.8bn, accounting for 18.4% of Uzbekistan’s foreign trade volume.