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2023/10/13

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Has the settlement rate of the Chinese Russian trade currency reached 95%? What is the current situa

According to the Russian satellite news agency, the settlement rate of the Chinese Russian trade currency has reached 95%, which was only 30% a year or two ago. On the one hand, this means that trade between China and Russia is no longer dependent on the US dollar, and on the other hand, it also means that trade between China and Russia still maintains a relatively stable growth level.

Russia is one of the most controversial markets in foreign trade. Some people believe that the current is the best time to enter the Russian market, but others believe that the risk in the Russian market is too high. So today, let's talk about the current situation of the Russian market? And should foreign traders choose the Russian market?

nalysis of the Current Situation of the Russian Market

Basic Overview: Russia is the ninth most populous country in the world, with a population of over 140 million. Although Russia has a large population base, it has entered an elderly society, where the elderly population is increasing, the fertility rate is low, and the trend of having fewer children is widespread.

If the proportion of young people is relatively low, their consumption potential may show a downward trend, so entering early can actually seize the opportunity.

Economic situation: The per capita GDP of Russia in 2022 is 15300 US dollars, which is still relatively high. Although Russia has encountered significant setbacks in its supportive economy and foreign trade exports due to political issues, its economy has begun to show an upward trend since the beginning of this year. Russian media reports predict that Russia's economic growth is expected to be around 3% in 2023, even better than that of eurozone countries.

Industrial structure: Russia's industrial structure is relatively single, mainly concentrated in the heavy industry and energy industry, while the manufacturing industry is relatively weak, which makes Russia highly dependent on foreign trade imports.
Policy support: The trade between China and Russia is very close. According to data from the General Administration of Customs of China, the trade volume between China and Russia increased by 26.7% in the first 11 months of 2023, reaching a record high of 218.18 billion US dollars.

Affected by the international situation, Russia has provided more support for foreign trade imports, including zero tariff policies for some products, which has also become a major reason for promoting the growth of Sino Russian trade.

Supporting logistics: Russia has a vast territory and relatively weak infrastructure. However, in the western region where the population is relatively concentrated, transportation is still relatively developed. So the logistics situation actually depends on the region where the seller's cooperating customers are located.

Is it worth entering?

The Russian market is a very promising market for foreign traders, but at the same time, its variables are also very large. Therefore, for foreign traders, it is best to consider Russia as one of the exploitable markets, rather than the only one.

Multi market joint operation, even if there are problems in a single market, there is still room for reversal. After all, what foreign traders can do is only diversify risks, not solve risk crises.

Finally, in order to reduce risk, it is also crucial to continuously monitor the situation in the target market. Tracking data and regularly updating trade data enable foreign traders to better grasp the trade dynamics of global buyers and suppliers, as well as understand market competition and demand trends, thereby helping foreign traders make more accurate decisions.

If you want to learn more about the Russian market or want to obtain tracking data analysis tools, you can send us a private message~

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