Rostec Registers $24.3B Export Revenue in 2020

Image about Rostec Registers $24.3B Export Revenue in 2020

Sergei Chemezov, CEO of Rostec State Corporation, has said that the company has delivered $24.3 billion worth of goods last year of which $13 billion were military equipment.

“Despite the difficult period (due to COVID-19), growth took place. Maybe just not on such a large scale as we would like. The revenue has increased by about 3% or 1.800 trillion ($24.3 billion). In the coming months we will complete final calculations,” Chemezov said Friday.

“The volume of deliveries of Russian military products abroad in 2020 amounted to about $13 billion. It is approximately the same as last year,” the official added.

Chemezov added that the volume of civilian products delivered last year was about 33%. “We want to increase the figure to 50% by 2025,” he stated.

At the end of December, Deputy Defense Minister Alexander Fomin said in an interview with Rossiyskaya Gazeta that Russia had to postpone the supply of weapons to a number of foreign customers owing to COVID-19. He explained that cancellation of domestic and international flights led to delay in exporting weapons, as well as importing equipment for repairs and overhaul. “Also, this factor does not allow partners to provide timely delivery of original payment documents. It leads to delays in the receipt of foreign exchange earnings, untimely settlements with cooperative enterprises and the formation of a cash gap in them,” Fomin stressed.

Russia’s portfolio of export orders for weapons and military equipment stands at $55 billion. “It is stable, despite Western sanctions,” Dmitry Shugaev, director of the Federal Service for Military-Technical Cooperation of Russia, had said in an interview with Interfax in March last year.