MOSCOW, January 25. /TASS/. Russian chemical exports dropped by about 3% year on year in physical terms in 2023, Deputy Minister of Industry and Trade Mikhail Yurin said at the Russia International Exhibition and Forum.

Imports also show a decline, the official stressed.

"We see growth from the standpoint of production volumes. In terms of exports, considering the sanctions restrictions imposed on us, exports are gradually declining. Nevertheless, we managed to offset this adverse effect and the decrease in exports as of the end of 2023 was about 3%. Imports are also going down, which indicates that our production is being replaced or substituted by products from friendly countries," Yurin said.

About five hundred new brands have appeared since 2022, the deputy minister added when speaking about the perfumery and cosmetics sector.

The Russia International Exhibition and Forum is being held from November 4, 2023 to April 12, 2024. It was organized to demonstrate the country’s significant achievements in various economic sectors, and all 89 Russian regions are present with their displays. TASS is the general information agency of the forum.