Russian Foreign Trade In The 21st Century: Trends And Prospects

Abstract

The foreign economic sector plays an important role in the development of the Russian economy. Over the twenty-year period since 2000, the structure of foreign trade relations of the country has undergone a number of changes. The article analyzes the geographical orientation of Russian foreign trade turnover, as well as its relationship with the commodity structure of exports and imports. It is revealed how the restrictions on economic activity introduced in 2020 affected the state of foreign trade of the Russian Federation. The main consequence of the COVID-19 pandemic was the acceleration of the downward trend in hydrocarbon consumption in the global economy, which makes Russia's position very vulnerable. In this regard, it is of particular interest to find export destinations that could partially offset the decrease in energy exports. According to the results of 2020, such areas were the export of precious metals, as well as food and agricultural raw materials. The latter direction seems to be the most promising, since it allows you to increase the degree of redistribution of products exported from Russia, as well as attract investments in the agricultural sector. In addition, the largest consumers of Russian agricultural raw materials and food are the countries of the Asia-Pacific region, which gradually takes the position of priority in Russian foreign trade.

The article is not prepared yet for the html view. Check back soon.

Copyright information

This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.

About this article

Cite this paper as:

Click here to view the available options for cite this article.

Publisher

European Publisher

First Online

25.09.2021

Doi

10.15405/epsbs.2021.09.02.84

Online ISSN

2357-1330