Moscow increased trade with Italy by 32.8% in the first half of the year

By: Moscow Complex of Economic Policy
MOSCOW, Russian Federation - Sept. 1, 2021 - PRLog -- In the first six months of 2021, trade turnover between Moscow and Italy increased by 32.8% compared to the same period last year, reaching $7.5 billion. This was reported by Vladimir Efimov, Deputy Mayor of Moscow for Economic Policy and Property and Land Relations.

"An important role in boosting Moscow-Italian trade turnover was played by the capital's non- energy exports, which amounted to $647.58 million in the first half of this year - an increase of more than 3.5 times compared to the same period in 2020. The share of non-energy exports accounts for 13.3% of Moscow's total exports to the Italian market. The driver of non-energy supplies to Italy was the export of industrial products, which grew to $639.48 million in the first half of this year, while in the corresponding period of 2020 it amounted to only $181.10 million," the Deputy Mayor said.

The commodity structure of exported industrial goods is quite diverse. Moscow companies send to the Italian market mechanical equipment, machinery and computers - $8.83 million, electrical devices and communications equipment - $1.64 million, optics, instruments and medical equipment - $1.47 million.

"A significant contribution to the growth of Moscow's industrial exports to the Italian market was made by the supply of pharmaceutical products. For example, immunological products, scarcely supplied to Italy before, in the first half of 2021 were exported for a total amount of $34.56 million", - said Alexander Prokhorov, Head of the Investment and Industrial Policy Department of Moscow City.

The expansion of exports to Italy is also facilitated by events and programs organized by specialists from the Mosprom Centre. For example, on August 17, the Mosprom Centre organized a business breakfast "Export To The EU Through The Italy Case" as part of the meeting of the Resident Club of Technopolis Moscow Special Economic Zone (SEZ). During the event experts introduced the participants with the basic tools, which can help exporters to master the market, as well as demonstrated successful cases of promotion of Russian producers in the Italian market.

Tenants of Moscow Special Economic Zone have expressed interest in developing cooperation with Italy, where new market niches might be found for innovative technologies from the Moscow SEZ. Today, products manufactured in SEZ Technopolis Moscow are shipped to several dozen countries, including those in Europe, and every eighth tenant is an exporter.

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