Exports
With over 30% of the entire world’s natural resources, Russia is not only the largest, but it is also the most resource rich country on the planet. As a result, Russia’s economy is almost entirely devoted to the production of raw materials. Russia is ranked first in natural gas exporting while also having the biggest reserve of natural gas, and is also ranked second in national coal reserves. Russia is also the largest producer of oil, in addition to being the largest diamond producing country in the world controlling 25% of the global diamond output. With near 50% of Russia's land area covered in forest, Russia is the single largest forest country in the world, and a significant portion of Russia’s economy comes from its timber production. In fact, metal, fuel, minerals, and timber account for 78% of all Russia’s exports. Most of these raw materials are being exported to neighboring countries in Europe and Asia along with the United States.
Raw materials are used by all industries around the globe. Crude oil is used for the manufacturing of plastics and, along with natural gas, is used as a fuel source. Diamonds are used for jewelry and for heavy machinery such as drills and precision cutting equipment. Both metal and wood (along with plastics) are used for the basic construction of nearly anything you can think of. Russia’s exports contribute to the basic functionality of many services, and also contribute the basic raw materials for nearly every product on the market.
Resources:
http://www.tradingeconomics.com/russia/forest-area-percent-of-land-area-wb-data.html
http://oilprice.com/Latest-Energy-News/World-News/Russia-Continues-To-Post-Record-Oil-Production.html
http://www.kitco.com/ind/Zimnisky/2013-08-20-Ranking-Of-The-World-s-Diamond-Mines-By-Estimated-2013-Production.html
Davydov, O. D. (1998). Inside Out: The Radical Transformation of Russian Foreign Trade, 1992-1997. Fordham University Press: New York, NY
Raw materials are used by all industries around the globe. Crude oil is used for the manufacturing of plastics and, along with natural gas, is used as a fuel source. Diamonds are used for jewelry and for heavy machinery such as drills and precision cutting equipment. Both metal and wood (along with plastics) are used for the basic construction of nearly anything you can think of. Russia’s exports contribute to the basic functionality of many services, and also contribute the basic raw materials for nearly every product on the market.
Resources:
http://www.tradingeconomics.com/russia/forest-area-percent-of-land-area-wb-data.html
http://oilprice.com/Latest-Energy-News/World-News/Russia-Continues-To-Post-Record-Oil-Production.html
http://www.kitco.com/ind/Zimnisky/2013-08-20-Ranking-Of-The-World-s-Diamond-Mines-By-Estimated-2013-Production.html
Davydov, O. D. (1998). Inside Out: The Radical Transformation of Russian Foreign Trade, 1992-1997. Fordham University Press: New York, NY
Table of Economic System and Indicators
Information gathered from: http://www.tradingeconomics.com/russia/indicators
Education
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