Russian President Vladimir Putin proposed in May 2018 that he planned to double the export of non-energy raw materials in the next six years, raising the export volume to 250 billion US dollars.
In the national plan of "International Cooperation and Export", Russia proposed that the export of non-energy raw material commodities would help to increase the production of high-value-added products with strong competitiveness in overseas markets by more than 60%. In October 2018, Russian Vice Premier Kozak said that this would promote overall Russian economic restructuring, increase the production of non-raw materials and their supply in domestic and foreign markets. In the first half of 2018, Russia provided 70.3 billion US dollars worth of non-raw materials products to overseas markets, accounting for only one third of the total exports in the same period of 2018.
In its April report, the Russian Strategic Development Center pointed out that Russia has done a lot of work to build a competitive export support system, but there are still many outstanding issues. A large number of entrepreneurs fail to enter the global value chain and supply chain, there are not many competitive products, administrative and regulatory barriers still exist, all of which restrict the explosive growth of Russian and African raw material exports.
The most popular export commodities of Russian and African energy raw materials in 2017 include semi-finished products of aluminum, iron or non-steel, wheat, wood, copper, platinum, hot rolled steel, nitrogen, potassium and comprehensive fertilizers. China is the biggest buyer of Russian products. According to the data of Russian Export Center, Russian exports to China in the first half of 2018 amounted to about 26 billion US dollars, of which 5.9 billion US dollars belonged to the export of non-raw materials products.
In terms of export credit, the main difficulties faced by banks when they are engaged in export loan business are how to correctly evaluate the financial situation of borrowers and their sales market, especially some Asian companies often have problems in settlement and balance sheet, etc. In order to reduce risks, Russian export companies adopt letters of credit or insurance companies. The Division undertakes business by way of guarantee.
By 2024, Russia plans to increase its exports of non-energy raw materials from $149 billion in 2018 to $250 billion. Officials involved in the preparation of the National Plan for International Cooperation and Export said that by 2024 Russia's exports of services trade will increase from $64 billion to $100 billion, agricultural trade from $23 billion to $45 billion, and machinery manufacturing exports from $34 billion to $60 billion. In terms of industry, Russia plans to export machinery manufacturing, metallurgy, chemical industry, forestry, pharmaceuticals (including cosmetics and perfume) and medical products, light industry and textile industry, and daily necessities. In agriculture, we should focus on developing exports of high value-added products, establishing export-oriented product transport and marketing infrastructure, eliminating trade barriers and establishing Russian product promotion system. In order to expand trade in services, Russia plans to relax the system of tourist visas and business visas, reduce monetary supervision of exporters, solve the problem of certification of foreign trade in services, and promote exports in transportation services, financial services, IT, construction and medicine.