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Ministry of economic development of the Russian Federation

Trade between Russia and UK may grow to $15bln by end of 2019


Trade between Russia and the UK may grow to $15 bln by the end of the year mainly thanks to the growth of Russian non-oil-and gas exports to the UK, Boris Abramov, Trade Representative of the Russian Federation in the United Kingdom, said at the opening the 5th Russian-British Business Forum (RBBF) in London.

"This year our bilateral trade is growing faster than in the previous year and by the end of 2019 we expect the trade to reach $15 bln," he said.

According to Russian statistics, at the end of 2018, the volume of the bilateral trade grew 8% year-on-year and amounted to $13.7 bln.

The trade representative drew attention to the fact that the share of non-energy exports in the structure of Russian exports is growing.

"In the first nine months of the year, our non-energy export to the UK showed 22% growth," Abramov said.

"Another positive sign is the increase of our bilateral investments. Direct investments from the UK to Russia amounted to $2.5 bln last year having increased by 21%. Direct investments from Russia to the UK amounted to $3.8 bln having skyrocketed from less than $200 mln a year earlier," the trade representative said.

"Despite the volatility of the global economy and market uncertainty, despite Brexit we are optimistic about our business relations with the UK," Abramov concluded.

The Russian-British Business Forum is sponsored by the Russian trade mission in the UK together and the Roscongress Foundation. This year the forum’s main topic is Digital Infrastructure and Industries.

Source: TASS

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