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Russian exports maintain high volumes, over 80% directed to friendly nations — minister

Inflation presented a serious challenge amid growth in domestic demand and economic restructuring in the country, Maxim Reshetnikov noted

MOSCOW, January 17. /TASS/. The share of Russian exports to friendly countries rose above 80% in the second half of 2023, driven by the reorientation of export flows towards new markets, Minister of Economic Development Maxim Reshetnikov said.

"Thanks to reorienting export flows to new markets, we have at the same time maintained high export volumes. The share of friendly nations as part of total exports climbed above 80% in the second half of 2023," Reshetnikov said.

Inflation presented a serious challenge amid growth in domestic demand and economic restructuring in the country, the minister noted.

"The main surge occurred in late summer - early fall, amid the ruble’s weakening in particular. The rate was stabilized owing to government measures and the Bank of Russia. Inflation totaled 7.4% as of the end of 2023, which is even slightly below our September outlook. Accelerated price growth for individual goods will be curtailed later as supply grows," Reshetnikov said.

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