ST. PETERSBURG, November 30. /TASS/. Trade volumes between Brazil and Russia may reach a record-high $10 bln by the end of this year, Ambassador of Brazil to Russia Rodrigo Baena Soares told reporters at the International Forum-Exhibition Russian Industrialist on Wednesday.

"Some $10 bln are projected by New Year," he said, adding that Brazil "purchases a lot of fertilizer and fuel, and it exports a great deal of soybeans, and moreover, it exports equipment and sugar to Russia."

Trade turnover between the two countries has risen by 7% since the beginning of this year, currently standing at around $8 bln, the diplomat said. The growth of trade turnover is due to an increase in exports and imports of traditional goods for trade between the two countries, including items such as fertilizers and agricultural products. In particular, Brazilian producers plan to boost beef supplies to Russia.

Nevertheless, Russian businessmen should pay attention to industrial production by Brazilian companies, not only agricultural equipment, but also a wide range of industrial components and materials, from plastic products to composite aggregates in aeronautical engineering, he said. According to the ambassador, Brazil is Russia’s largest trade partner in Latin America, with both countries having every opportunity for expansion of cooperation in the area of high technologies in particular.

That said, apart from secondary sanctions there are a number of other major problems in trade between the two states, first of all related to logistics, Rodrigo Baena Soares told TASS, adding that one of the main obstacles for the development of trade shipments is the issue of shipping insurance registration, which is complicated for Russian counteragents due to sanctions.

According to figures provided by Russia’s Federation Customs Service, in 2021 trade turnover between Russia and Brazil exceeded the previous all-time high in 2011 and reached $7.48 bln.

The International Forum-Exhibition Russian Industrialist devoted to measures of state support for industry under the current conditions and import substitution is taking place in St. Petersburg. More than 220 high-tech industrial entities, development institutions, and technical universities from more than 35 Russian regions and ten countries, including Belarus, India, Iran, Kazakhstan, Uzbekistan, as well as Latin American and Caribbean states, are participating in the forum. TASS is the general information partner of the forum.