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Since the collapse of the Soviet Union, Russia has undergone significant changes, becoming more market-based and globally integrated. Russia is one of the world’s leading producers of oil and natural gas, and is also one of the top exporters of metals such as steel and primary aluminium.
The country’s reliance on commodity exports makes it somewhat vulnerable to boom and bust cycles following on from volatile swings in global prices.
The country’s economy was one of the hardest hit by the economic crisis, with oil prices plummeting and foreign credit drying up. Over the last few years, declining oil prices and a difficulty obtaining foreign investment has seen GDP rates slow. In late 2013, the Economic Development Ministry reduced the growth forecast through to 2030 to an average of 2.55. Prospects for economic growth may have decreased even further following Russia’s military interventions into the Ukraine.
Composition of GDP
Petroleum & petroleum products, natural gas, metals, wood and wood products, chemicals, wide variety of civilian and military manufactures.
Machinery, vehicles, pharmaceutical products, plastic, semi-finished metal products, meta, fruits & nuts, optical and medical instruments, iron, steel.
Principal trading partners – exports
Principal trading partners – imports
Though most goods can currently be freely imported and exported into and from Russia, there are a number of products that require a license. These include pesticides, weapons, self-defence items, explosives, precious metals and stones, radioactive materials and narcotics.
Goods must be declared upon import to Russia, in accordance with the customs regime selected. The goods are normally declared by either the Russian importer or the customs broker. A wide number of documents are in place to deal with imports and exports, making experience in dealing with the country essential. Call us today if this is your first time exporting or importing goods within Russia.
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