Foreign trade

Foreign trade
   During most of the Soviet period, most of Russia’s foreign trade was with its allies in the Eastern Bloc and friendly regimes in the Third World. However, the inefficiencies of the Council for Mutual Economic Assistance (COMECON), which functioned as a rudimentary common market for the socialist economies, became increasingly evident during the 1970s. While the Union of Soviet Socialist Republics (USSR) imported few goods from abroad, it did emerge as the world’s largest oil producer under Leonid Brezhnev, and soon began selling its hydrocarbons to Western European nations. However, more than half of the USSR’s foreign trade was still with COMECON nations when Mikhail Gorbachev came to power.
   After independence, Russia opened its doors to imports from around the world (particularly technology, machinery, food, and textiles), while establishing new trade links with countries such as Turkey, Japan, and South Korea. Raw materials, such as oil, natural gas, metals, timber, and minerals, continued to dominate exports. Russia’s agricultural and manufacturing industries suffered terribly under Boris Yeltsin, as did Russia’s foreign trade with the near abroad, despite attempts to maintain economic links through the Commonwealth of Independent States and other post-Soviet schemes. Trade relations with Belarus, Kazakhstan, and Ukraine, however, remain strong. Arms exports, a mainstay of the Soviet economy, contracted sharply in the early 1990s but rebounded handily under Vladimir Putin. The dramatic increase in petroleum prices also helped balance the country’s foreign trade. In 2007, exports totaled more than $350 billion, making it the world’s 12th-largest exporter. The same year, its imports were an estimated $150 billion. The ratio of imports to exports has risen dramatically in recent years as the Russian economy has improved.

Historical Dictionary of the Russian Federation. . 2010.

Игры ⚽ Нужно решить контрольную?

Look at other dictionaries:

  • foreign trade — ➔ trade1 * * * foreign trade UK US noun [U] COMMERCE ► the activity of trading goods and services with other countries: »He said putting up barriers to foreign trade and guarding jobs might work in the short run but not indefinitely. »Mexico is… …   Financial and business terms

  • Foreign Trade — of the DPRK ist eine nordkoreanische Zeitschrift, die seit 1965 vierteljährlich in deutscher, englischer, russischer, chinesischer, spanischer, japanischer und französischer Sprache erscheint. „Foreign Trade of the DPRK“ ist das… …   Deutsch Wikipedia

  • foreign trade —    Although Spain s foreign trade cannot be compared to that of traditional trading nations such as Germany or the UK, it is nevertheless among the top twenty in the world, with about 2 percent of visible global trade by value (compared to about… …   Encyclopedia of contemporary Spanish culture

  • Foreign trade of Communist Czechoslovakia — Foreign trade played an important role in the Czechoslovak national economy (as opposed to the Soviet Union)./ History and timeline / 1945 1953 The foreign trade enterprises successfully carried out the government s policy of rapidly redirecting… …   Wikipedia

  • Foreign Trade Center Hotel Fuzhou (Fuzhou) — Foreign Trade Center Hotel Fuzhou country: China, city: Fuzhou (City) Foreign Trade Center Hotel Fuzhou Location The hotel is conveniently located in the city center, ideal for shopping and easy access to the commercial center.Rooms Well… …   International hotels

  • foreign trade zone — ➔ zone1 * * * foreign trade zone UK US noun [C] (abbreviation FTZ, also free trade zone) COMMERCE, TAX ► a port, airport, or other area into which goods can be brought and stored without paying import tax before being exported to another country …   Financial and business terms

  • Foreign Trade of the DPRK — ist eine nordkoreanische Zeitschrift, die seit 1965 vierteljährlich in deutscher, englischer, russischer, chinesischer, spanischer, japanischer und französischer Sprache erscheint. „Foreign Trade of the DPRK“ ist das Außenhandelsmagazin… …   Deutsch Wikipedia

  • foreign trade zone — foreign trade zone, a port or area where foreign goods may be unloaded, stored, and shipped without being subject to customs duties or taxes; free trade area; free port …   Useful english dictionary

  • Foreign trade of the Soviet Union — Soviet foreign trade played only a minor role in the Soviet economy. In 1985, for example, exports and imports each accounted for only 4 percent of the Soviet gross national product. The Soviet Union maintained this low level because it could… …   Wikipedia

  • Foreign trade of Argentina — This article is about the foreign trade of Argentina. See Economy of Argentina for a more general overview. Modern historyAgriculturally productive and thinly populated, Argentina recorded trade surpluses for most of the period between 1900 and… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”