How to Export to Russia | Import Export Business | Tendata Trade Data

The Russian market in 2024, in the context of the Russian-Ukrainian war, is still a piece of fertile ground full of opportunities, or has it become a no-go area that hides countless time bombs? Russia because of the unique geographic location, in China's "One Belt, One Road" strategy in the fortress, is the eyes of foreign trade people emerging "meat and potatoes". China-Russia trade volume is growing rapidly, the two countries have been increasing areas of cooperation. So, the potential of such a large Russian foreign trade market status quo in the end how? And how to develop?

In the first five months of this year, China-Russia trade amounted to 76.581 billion U.S. dollars, an increase of 4.7%. In the face of Western sanctions, a large number of European and American companies withdrew, from Russia to the East to find alternative supplies, so Chinese businessmen have found new business opportunities.

It's a simple example of how, in times of steady economic growth, all markets are allocated and buyer-clients have a stable supply chain, while times of change open up new markets that are easy to access.

To cope with export controls, Russia relies on parallel imports and import substitution to solve the problem, purchasing much-needed foreign products through various means of parallel imports from Turkey, the Middle East, the South Caucasus, Central Asia, and other countries or regions. Doing foreign trade needs some patience, perhaps at the moment the time is ripe, and previously not negotiated customers, are waiting for you to contact.

I. Russia foreign trade market analysis

Russia Market Overview

Russia is the world's largest country, across the Eurasian continent, a land area of 17 million square kilometers.

Russia's domestic resident population of 146 million, a total of 194 ethnic groups, mainly Russians, most of them believe in Orthodox Christianity, the official language for the Russian language, and the official currency for the ruble.

Russia is rich in natural resources, including land, hydrocarbons, forests, and freshwater, with hydrocarbon exports being an important source of finance for the country.

As Russia's industrial base is relatively weak, there is a strong demand for machinery, automobiles, equipment, chemicals, electronic products, etc., which just gives China's manufacturing industry the opportunity to enter the trade between China and Russia has a strong complementarity.

II.2024 State of the Russian Market

Since 2017, trade relations between Russia and China have begun to develop rapidly, the trade volume is climbing, and investment cooperation between China and Russia is increasing.

In 2023, the total trade volume between China and Russia exceeded $240 billion, a record high, and the China-Russia New Era Comprehensive Strategic Collaboration Partnership reached the highest level in history and continues to move forward.

Statistics show that in January-February 2024, the total import and export volume of China and Russia amounted to 37,010.3 million U.S. dollars, a year-on-year increase of 9.3 percent.

Among them, China's exports to Russia amounted to 16.8079 billion U.S. dollars, up 12.5% year-on-year; China's imports from Russia amounted to 20.202.4 billion U.S. dollars, up 6.7% year-on-year.

In January-June 2024, China-Russia trade increased by 1.8% year-on-year to $116,874.9 million. Among them, China's exports to Russia amounted to $51,661.2 million, a year-on-year decrease of 0.8%, while China's imports from Russia amounted to $65,213.7 million, a year-on-year increase of 3.9%. Relevant experts said that in 2024, China's trade with Russia will be one of the bilateral cooperation with the greatest growth potential. According to data from the General Administration of Customs (GAC), during the period of February 2023-2024, China's bilateral trade with Russia showed a stable trend, with a relatively smooth monthly performance that did not show significant fluctuations.

III. How to develop the Russian market

1. Russian customs data

Russia opened importer customs data, want to understand the trade situation in this country, through customs data, you can know which local products are hot, which is very helpful for us to use for product selection.

Click to check Russian trade data: Import export data

2. Russia foreign trade websites

https://yandex.ru

Yandex is the largest search engine in Russia, which is even more convenient if your company has Russian-speaking businessmen. Before searching the results, you need to clarify the scope of your market, the location of the company. Then according to the keywords you want to search, you can search out a lot of company information, you need to do a layer of information filtering, which you can combine with some plug-ins to find more matching customers.