MOSCOW TIME: 13.07.2020 21:22:08

Economy

Russias car exports fail to meet forecasts

Russias car exports fail to meet forecasts

Russian vehicle exports are behind government expectations, despite being up 3% on last years figures.

The country exported 34,200 finished vehicles between January and May this year, according to the country’s Federal Custom Service, but due to the logistics subsidies and other state support measures that have been made, the amount was predicted to be higher.

Russias Industry and Trade Ministry said it expected exports from Russia to reach 108,630 units in 2018, compared to 83,400 units last year. The figure was projected to increase over the next few years to more than 143,000 units in 2020 and almost double that in 2025.

The Russian government subsidises export logistics for both Russian and foreign carmakers producing vehicles in the country. In 2018 it forecast subsidies would reach Rub11.8 billion ($180m). From 2018 to 2025 those export subsidies were estimated to be around Rub136 billion ($2.1 billion), according to projections published by the Industry and Trade Ministry in late 2017.

However, only a small number of carmakers have either reported an increase in exports from Russia or any plans to do so in 2018.

Source:automotivelogistics

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Russia car export

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