23 Aug 2023 16:25

Volume of Russia's manufactured exports could rise about 1.5-fold to approach $150 bln in 2030 - Manturov

MOSCOW. Aug 23 (Interfax) - Growth in the volume of Russia's manufactured exports is one of the priorities in the updated and consolidated strategy for developing the country's manufacturing sector by 2030 and through 2035, with the volume possibly approaching $150 billion by 2030, Deputy Prime Minister and Industry and Trade Minister Denis Manturov said on Wednesday when presenting the draft consolidated strategy at a government meeting.

"Despite the current decline that has been caused by the well-known restrictions, we have set ourselves the task of consistently restoring the volume of shipments to our foreign partners in the coming years. In terms of industrial exports, we should approach the $150 billion level as much as possible in 2030," Manturov said at the meeting.

The volume of manufactured exports totaled $96.9 billion in 2022, and is forecast to be $90 billion in 2023.

"In order to do this [boost the volume of manufactured exports], we will continue to support the redirection of commodity flows toward Asia, the Middle East, Africa, and Latin America. We will actively facilitate the opening of Russian industrial zones in foreign markets, expand and improve the quality of the network for warranty repair and service, and develop instruments for export financing," Manturov said.

Manturov recalled that the Russian president earlier supported extending the key programs to foster exports after 2024. The programs are currently under implementation through the International Cooperation and Export national project.

Russia's updated and consolidated strategy for developing the country's manufacturing sector sets target guidance for the volume of manufactured exports at $94 billion for 2024, $145.9 billion for 2030, and $185.9 billion for 2035, the Industry and Trade Ministry told reporters, and the figure should be around $90 billion in 2023 (in 2020 prices) following $96.89 billion last year.