Trade between Moscow and Canada grew by almost 6% in 2021
2021-07-07 11:26

Trade between Moscow and Canada grew by almost 6% in 2021

The trade turnover between Moscow and Canada at the end of the first quarter of 2021 was $127.7 million and increased by 5.7% compared to the same period in 2020, the Moscow mayor's office told Made in Russia.

"Moscow's export volume is growing more than imports from Canada, indicating the increasing presence of the capital's companies in the Canadian market. The results of the first quarter of 2021 suggest that the current year will end with the best performance of the capital's exports. A total of $4.11 million worth of Moscow non-energy products was exported during this period, which is almost two times higher than in 2020," said Vladimir Yefimov, the capital's deputy mayor.

According to the data of the capital's government, Moscow's share in the all-Russian trade turnover with Canada was 40.5%.

"Among the key capital's industrial goods to the Canadian market in the first quarter of 2021 there has been a marked increase in the supply of technologically sophisticated products. For example, prefabricated building structures, chemicals for the electronic industry, processors and controllers, as well as other components of the electronic industry," said Alexander Prokhorov, head of Moscow's Department of Investment and Industrial Policy.

Export of agro-industrial products is also growing. So, while in 2019 this figure rose by 24.9% to 4.34 million dollars relative to 2018, in 2020 it rose to 4.72 million dollars, that is 8.6% higher than in 2019. In the first three months of 2021, the capital's agribusiness exports to Canada were at $1.19 million, up 3.5 percent from the same period in 2020, the head of the agency noted.

The main food product of the capital's exporters in the Canadian market is ice cream. Also Canadian companies import from Moscow chocolate and sugar products, bakery products, such as cookies, waffles, breadcrumbs and dried goods.

"The Canadian market is a highly developed and competitive market for a wide range of products. Its key feature is a strong business and consumer foundation with high sensitivity to both price and product quality. The list of potential export drivers includes innovative building materials and technology solutions for which demand is generated by industrial companies in Canada. Moreover, in the coming years, the Canadian government is planning large-scale work to improve the quality of public infrastructure. Therefore, companies with broad expertise and work experience in this area will be in particular demand," added Natalia Shuvalova, CEO of the Mosprom Centre.

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Author: Karina Kamalova