Export garners a positive growth for Primorye

07 Mar '08

2 min read

Statistical reports from regional administration show that in 2007, Primorye has seen a growth 28 percent in terms of volume. In this period, the region earned nearly US $5.8 billion from international trade.

The received data demonstrate that the country garnered a growth of 8 percent in export, whereas in imports, it is 38 percent.

Primorye, located in Russia, fetched a high amount by exporting oil and energy along with other products. However, it is a matter of concern that the country has to depend a lot on imports. This can be witnessed by the increased imports of textile and footwear which jumped by 1.7 times in 2007. Further, volumes of imported machinery, equipment and vehicles have gone up by 42 percent in the last fiscal.

Primorye enjoys trade relations with 86 countries and holds nearly 29 percent of market share of the Far Eastern region of Russia in international trade turnover.

China, Japan and South Korea are considered as the traditional trade associates of Primorye. Trade turnover with these regions have grown by 38, 30 and 14 percent respectively in 2007.

Moreover, the region has been able to add the US to its list of business partners. Transactions between the two countries reached almost 3 percent of the total trade revenue.

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