Economy in Russia

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Economy overview: 

In terms of natural resources, a well-educated population and developed industrial base Russia could be considered a wealthy country. However, its economy experiences formidable difficulties in moving from its old centrally planned economy to a modern market economy.

Major Exports Russia's major exports are fuels, energy, metals, machinery & equipment, chemicals,  and oils Vadca, and clothes.

Major Imports Russia's major imports are machinery & equipment, food and agricultural raw materials, chemicals and metals.

Major Export Markets Main export markets are Ukraine, Germany, Belarus, Netherlands and China.

Major Import Markets Russia's main import markets are Germany, Ukraine, Belarus and the US.


Russia is a major producer of wheat, barley, oats, and rye. In the early 1990s Russia annually produced 46 million metric tons of wheat, 25.5 million metric tons of barley, 13.9 million metric tons of rye, and 11.5 million metric tons of oats. Other important crops in Russia include dry peas, corn, millet, buckwheat, rice, and soybeans. Various types of temperate-climate fruits, such as apples, pears, and cherries, are also grown extensively in Russia. In the far north, reindeer herding is a major occupation among the native peoples.  


Russia's fishing industry is one of the largest in the world. In the early 1990s the annual catch was about 9.2 million metric tons. Marine fisheries accounted for the largest share of the catch. Of the inland catch, the saltwater Azov, Black, and Caspian seas accounted for about three-fifths of the total; freshwater lakes, rivers, reservoirs, and ponds accounted for the remainder.


Mining is a major sector of the Russian economy and provides important items for national export. Mineral resources are diverse, abundant, and generally well developed. Russia has large reserves of energy-bearing minerals, including petroleum, coal, and natural gas. For many years it extracted enough of the minerals to meet domestic demands, provide for nations in its economic sphere, and export to industrial nations of the West in return for needed hard currency.


Russia is a major exporter of iron ore, with most production occurring in the Kursk Magnetic Anomaly of south central Russia. Iron ore deposits near Magnitogorsk in the Ural Mountains have been largely depleted. Russia is also a notable exporter of copper (168,000 metric tons in 1990) and nickel (127,000 metric tons in 1990). Copper and nickel ores are mined primarily in the Urals, although sizable deposits of nickel are also located in the Kola Peninsula near Murmansk.

The country is one of the world's leading producers of gold, which is mined in the Urals, western Siberia, and eastern Siberia in the valley of the Lena River. Russia is also a major diamond producer.

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