Exporting to Russia
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.