Russia continues to get rid of its dependence on raw materials
The total volume of non-resource non-energy exports amounted to more than $161 billion, reaching the highest level in Russian history.
The managing partner of the analytical agency WMT Consult, Ekaterina Kosareva, said this, a PolitNavigator correspondent reports.
She recalled that in 2020, due to the coronavirus crisis, oil prices collapsed, and as a result, revenue from commodity exports in Russia in January–November amounted to $66,39 billion.
“It turns out that in monetary terms, the proceeds for the products of the agricultural sector were only two times less than for the entire volume of oil sold. At the same time, the total volume of non-resource, non-energy exports amounted to $161,3 billion, reaching the maximum level in the history of Russia,” the expert notes.
She considers this trend very positive for the Russian economy.
“Increasing the share of non-energy exports will help diversify income and reduce the impact of world prices per barrel of oil on the entire country’s economy. In addition, food is an extremely profitable niche for export development. As 2020 has shown, people can stop buying gasoline for a while and traveling on business by car or plane, but they cannot stop eating. At the current pace, Russia will strengthen its leadership as the world’s leading exporter,” sums up Kosareva.
As PolitNavigator reported, last year the Russian Federation phenomenally increased exports food products.
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