Share of friendly nations in Russian exports in H2 2023 tops 80% - Reshetnikov

MOSCOW. Jan 17 (Interfax) - The share of friendly countries in Russian exports in H2 2023 increased to more than 80% (from just over 50% in 2022), Economic Development Minister Maxim Reshetnikov said during a meeting of President Vladimir Putin with members of government.

"Thanks to the reorientation of export flows to new markets, we have at the same time maintained high export volumes. The share of friendly countries in all exports in H2 2023 exceeded 80% [compared with 52.5% in 2022 - IF]," he said.

Reshetnikov also noted that "amid growth in domestic demand and structural reorganization of the economy, inflation has become a serious challenge."

"The main surge occurred in late summer-early fall amid, among other things, the wakening of the ruble. But thanks to measures by the government and the Bank of Russia, the exchange rate was stabilized. At the end of 2023, inflation amounted to 7.4%, which is even slightly lower than our September forecast [7.5% ]. In the future, the accelerated growth of prices for certain goods will be restrained due to the growth of supply," the minister said.