The economy of Russia

The economy of Russia is the ninth largest economy in the world by nominal value and the sixth largest by purchasing power parity (PPP). Russia has an abundance of natural gas, oil, coal, and precious metals. Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy to a more market-based and globally integrated economy.

Russia is one of the most industrialized of the former Soviet republics. However, years of low investment have left much of Russian industry antiquated and highly inefficient. Besides its resource-based industries, it has developed large manufacturing capacities, notably in metals, food products, and transport equipment. Russia is now the world's third-largest exporter of steel and primary aluminum. Russia inherited most of the defense industrial base of the Soviet Union, so armaments remain an important export category for Russia.

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.

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

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

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

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

Agriculture

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. 

Fishing

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

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.

Export

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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