Russia has to double its non-raw materials exports

13 march 2018 | Radio Mediametrics

"In his Federal Assembly address the President of the Russian Federation Vladimir Putin outlined the main exports goals for the next six years. Exports of non-raw materials must go up to $250 billion. At the moment, non-raw materials exports total $137 billion if services are excluded, in other words Russia is going to have to almost double its non-raw materials experts," Analytical Center expert Tatiana Radchenko said in a live interview on Mediametrics radio.

Tatiana Radchenko
Tatiana Radchenko
Deputy Head

According to Ms. Radchenko the two main exports for Russia are food stuffs and mechanical engineering products. In 2017 Russia became the world's largest exporter of wheat. Our country will now have to increase automotive, aviation, ship building and agricultural equipment exports.

"The main destinations for our non-raw materials exports are China, the EU and the Middle east," Ms. Radchenko said.

Speaking of barriers, the expert stressed that it's not just during the actual process of finished goods being exported that barriers exist. A lot of problems are run into during the planning and the search for new markets. These include not knowing the legal foundations of business conduct in other countries and language barriers. Slso studying the customer preferences in foreign markets is an expensive process and small and medium sized businesses are in no hurry to incur these costs.

According to Ms. Radchenko, the state is helping them. Recently the Russian Exports Center was established, one of whose jobs is to compensate businesses for the cost of taking samples to exhibitions abroad, the cost of getting patents for trade names and product certification in other countries and even the transportation costs for some types of products.

Source: Mediametrics Radio