MORDOVIA IS INCREASING ITS FOREIGN TRADE TURNOVER
As a result of the first quarter of 2024, the foreign trade turnover of the republic increased by more than 80%, reaching 124.7 million USD. Exports increased by 32.6% to 53.6 million USD. Imports also grew compared to the same period last year, rising 2.5 times to 71.1 million USD.
According to the Ministry of Economy, Trade, and Entrepreneurship of the Republic of Mordovia, the trading partners of the republic's enterprises included representatives from 42 countries worldwide (27 countries for exports and 32 countries for imports). The largest export partners were Kazakhstan, Belarus, Mongolia, Kyrgyzstan, China and Uzbekistan. The major import partners were China, Kyrgyzstan and Belarus.
Mordovia increased its exports primarily due to the growth in the supply of railway cars, cable and wire products, and other electrical equipment. There was also an increase in the supply of food products, including meat products, alcoholic beverages, and confectionery items. The sharp rise in imports was driven by the increased supply of industrial equipment from our friendly partner, China.