Exporting to Russia

With a population that stood at 146.8 million in 2018 (IMF, 2019), Russia is the UK's 21st largest trading partner (ONS, 2019). The total trade in goods and services between the UK and Russia was £15.3 billion in the year to June 2019 (ONS, 2019).

Prospects for exporters

In the year to June 2019, total UK exports to Russia amounted to £5.3 billion, making it the UK’s 25th largest export partner (ONS, 2019). A number of opportunities are available to UK companies in the life sciences, oil and gas, agri-technology, education and fintech sectors.

Imports continue to rise

The amount of imported goods and services increased by 2.6% in 2018, and this upward trend is set to continue over the next 5 years (IMF, 2019). The top goods imported by Russia from the UK in the year to June 2019 were cars, medinical and pharmaceutical, mechanical power generators, industrial machinery and works of art (ONS, 2019). If your business is looking to export goods like these, Russia could be a good market for you.

A growing economy

GDP has been increasing in Russia since 2016. It rose by 2.3% in 2018 and is predicted to grow by 1.1% in 2019, with this upward trend continuing for at least the next 5 years (IMF, 2019). This should increase the spending power of the Russian population, and benefit UK exporters.

Ease of doing business

31st

out of 190 countries (World Bank, 2018)

Currency

Russian ruble

Business languages

Russian

You may need a translator

GDP per capita

$11,289

UK is $42,558 (IMF, 2018)

Economic growth

2.3%

(IMF, 2018)

Time zone

GMT + 3 (Moscow)

Russia currently has 11 time zones

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.