Russia and Slovakia have doubled their bilateral trade turnover in the past five years, reports the Russian Economic Development & Trade Ministry

Russia and Slovakia have doubled their bilateral trade turnover in the past five years, reports the Russian Economic Development & Trade Ministry. In a press release circulated ahead of President Vladimir Putin's visit to Slovakia, the ministry points out that Russia and Slovakia have now become major trade partners for each other. In 2004, Russo-Slovak bilateral trade increased 11.3 percent year-on-year, to exceed 3 billion dollars. Russian exports grew by nearly 10 percent, to just under 2.7 billion dollars' worth. Imports from Slovakia reached $320 million worth, 26.5 percent up on the previous year. The increase in Russian export proceeds last year is largely due to higher fuel prices and a slide of the US dollar vs. Slovak koruna exchange rate, ministry officials explain. Fuels and other commodities formed the bulk (over 90 percent) of Russia's exports to Slovakia in 2004. Machinery accounted for just 5 percent. Last year, this country exported 7.7 billion cubic meters of natural gas, 5.8 million tons of oil, and $62 million worth of nuclear fuel. In the Slovak imports, 30 percent fell on the share of machinery and equipment and another 35 percent, on consumer goods' share, the press release says. Russo-Slovak trade cooperation is aimed at further consolidation of Russian companies' positions on the European market, ministry officials point out.