Russia hopes to further raise China-Russia LED trade volume, and attract top Chinese LED manufacturers to invest in the country, said Alexey Gruzdev, the Russian trade representative to China during a Russia’s lighting market analysis and strategy forum in Shenzhen, China.

Developments in Russia’s LED industry have quickly gained trajectory during 2013, with annual growth rates even reaching 250 percent, said Gruzdev. Currently, decorative LED luminaires make up 10 percent of market shares. According to data compiled from Russia’s lighting market in 2013, the country’s LED bulb sales have reached 1 billion, and generated an annual sales revenue of RUB 40 billion (US $1.11 billion). In recent years, the Russian government has launched policies to promote energy efficient lights. It is estimated by 2016, decorative LED luminaires market share in the country will increase to about 35 percent.

The Russian market imports more than 50 percent of lighting products, “and the ratio is even higher for lighting components which is up to 70 percent,” said Gruzdev. China’s LED exports to Russia and Commonwealth of Independent States amounted to US$ 800 million, with up to 75.74 percent of exports going to Russia, said Dr. Li Wenyu of Guangdong Emerging Industrial Strategy Development Research Institute. Chinese LED products have more than 40 percent market share in the Russian LED market.