Russian export of aluminium foil during 2018-20 signifies robust growth with minimal dip; 1% growth estimated for 2021

The Russian ministry of economy has raised its outlook for economic growth and oil prices in 2021 and now envisages a stronger rouble, and it has also raised this year’s inflation forecast, as reported by Reuters. However, after contracting 3% in 2020, its sharpest downfall in 11 years, the Russian economy has been on the restore due to a rebound in consumer demand and high prices for oil, which is its vital export, prompting a series of upgrades to its economic outlook.

The world’s largest country, Russia exported 117,127 tonnes of aluminium foil during 2018-20 and the earnings occurred for the export was $338.90 million. Russian aluminium giant Rusal is a global leader in the production of primary aluminium (low carbon).

In 2018, the Russian export of aluminium foil was recorded at 20,121 tonnes and the earnings received counted to $64.96 million, whereas, in 2019, the export saw robust growth by 142.92%, as the export volume rose to 48,878 tonnes and the earnings reflected hefty growth to $146.43 million.

The import of aluminium foil for 2020 was registered at 48,128 tonnes, which reveals a minimal downfall by 1.53% and the earnings unfolded to a sharp drop at $127.51 million.

Russian export of aluminium foil for 2021 is estimated with a marginal growth of 1.29% and the earnings are predicted to stand at $129.78 million.

The major trading destinations for Russia’s export of aluminium foil are Armenia, Azerbaijan, Belarus, Canada, Chile, China, France, Germany, India, Ukraine, Mongolia, Romania, etc.