India, Turkey Displacing Belarus From Russian Market

China ranks first in terms of trade turnover with the Russian Federation.

Compared to the pre-sanctions period, India and Turkey have overtaken Belarus in terms of trade turnover with Russia. At the same time, Belarus retained fourth place in the list of its most important trading partners.

According to data from the Federal Customs Service (FCS), cited by РБК, Russia's main trading partners in January-October 2024 were:

China — 33.8% of Russia's trade turnover;

India — 8.8%;

Turkey — 8.3%;

Belarus — 7.1%;

Kazakhstan — 4.0%;

South Korea — 2.1%;

Germany — 1.8%;

Armenia — 1.8%;

Italy — 1.5%;

Uzbekistan — 1.4%.

Based on the Federal Customs Service data on Russia's total trade turnover for ten months of 2024 ($584 billion), China accounted for about $197 billion, India — $51 billion, Turkey — $48 billion, Belarus — $41 billion.

In the “pre-sanctions” 2021, Russia's top five trading partners were as follows: China (18.3%), Germany (7.4%), the Netherlands (5%), Belarus (5%), and the United States (4.2%). Turkey was in sixth place, India was not in the top 10.

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