Foreign trade traditionally plays an important role in the Russian economy. It was pivotal in the country’s economic recovery and further development after the break-up of the Soviet Union. Currently export earnings constitute a major part of Budget revenues, while imports provide the economy with modern machinery and equipment as well as food supplies.
The article covers development trends and features of the Russian foreign trade. The author demonstrates its consistent dynamic trends and the positive balance of payments, except for the period of nancial and economic crisis of the rst decade in the XXIst century. However, the trade structure is dominated by mineral resources and fuels, which share is very high and growing, with a limited role of machinery and equipment, especially high-tech products, as well is highly dependent on the imports of most types of advanced equipment and foodstu s. This demonstrates limited diversi cation and competitiveness of the country’s economy, its high dependence on the situation on global commodities markets. Vulnerability of the Russian Economy is also explained by the concentration of the bulk of foreign trade on relatively limited number of countries.
The conclusion of this article is that it is necessary to further diversify the geographical markets and to improve the structure of foreign trade, i.e. by attracting foreign direct investments, incorporating the country into global value-added chains, more active ties with the post-soviet countries.
Key words: foreign trade, exports, imports, trade balance, export earnings.
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