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Oil-based economy? Russia’s non-energy exports go boom

Oil-based economy? Russia’s non-energy exports go boom
Volume of non-resource shipments from Russia is going to set a new record by the end of the current year, hitting $147 billion, Andrey Slepnev, Chief Executive of the Russian Export Center said on Friday.

The figure is compared to the previous record that was fixed in 2013, when the country’s non-energy exports reached $143.5 billion.

According to the official, the boost has been seen in various sectors. In October alone, sales of food amounted to $2.47 billion, which is $330 million higher than the previous record set in November 2017.

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Exports of forest-industry produce are expected to reach an all-time high with an estimated volume of sales to hit $11.7 billion, compared to $9.5 billion last year. At the same time, sales of wheat are projected to smash the previous year's record, growing to more than 42 million tons.

“Boosting of Russia’s non-commodity exports is currently a key priority for the strategic development of the Russian economy. This year results are showing that we have chosen the right track for developing the export industry,” Slepnev said, stressing that the current export policy is making a significant contribution to the economic growth.

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Under the terms of the priority project on International Cooperation and Industrial Exports, the Russian Export Center has been adjusting the amount of support for Russia’s exporters. The agency pledged to provide access to the export market for all 85 regions of Russia.

For more stories on economy & finance visit RT's business section

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