Guide to Doing Business in Russia
With over 140 million consumers, a growing middle class, and almost unlimited infrastructure needs, Russia remains one of the most promising markets for U.S. exporters. Russia is the world’s 11th largest economy and has the highest per capita GDP ($15,900) of the BRIC countries. It is an upper middle income country, with a highly educated workforce and sophisticated, discerning consumers. Russia’s economy has begun to recover from the economic crisis that started in 2008, with GDP growth at 4.0% for 2010.
This growth was slightly less than anticipated due to drought and wildfires, which disrupted agriculture, commerce and industry. Economists forecast real GDP growth of 4.3% in 2011. Russia was the U.S.’s 37th largest export market and the 17th largest exporter to the U.S. in 2010. U.S. exports to Russia were $5.97 billion, a 12% increase from 2009.
Russian exports to the U.S. were $26.5 billion, up 41% from 2009. Russian sources list the country’s leading trade partners as: Netherlands, China, Germany, Italy, Ukraine and Turkey. U.S. accumulated investment in Russia is approximately $21.3 billion. According to Russian data, the U.S. is Russia’s 10th largest foreign investor.
The top export categories (2-digit HS) in 2010 were: Machinery ($1.7 billion), Meat (poultry and pork) ($642 million), Vehicles ($484 million), Electrical Machinery ($395 million), and Optic and Medical Instruments ($383 million).
Reported U.S. FDI in Russia ($9.9 billion in 2010) is led by the manufacturing, banking, and mining sectors
*According to Office of the United States Trade Representative
On December 16, 2011, Trade Ministers at the 8th Ministerial Conference of the World Trade Organization adopted the terms and conditions Russia’s accession to the WTO and extended an invitation to Russia to join the organization. This decision represents the substantive conclusion of 18 years of negotiations. Russia’s membership in the WTO will benefit U.S. businesses by improving market access for U.S. exports of goods and services and bringing Russia into a system of established, enforceable, multilateral trade rules.
Export.gov: Doing Business in Russa
Ex-Im Bank Finances Opportunity in Russia
The Export-Import Bank of the United States (Ex-Im Bank) provides U.S. exporters and their international buyers with the financing tools they need to successfully buy U.S. products and services.
Office of the U.S. Trade Representative - Russia
Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries.
U.S. Department of Agriculture (USDA) - Foreign Agricultural Service
United States Department of Agriculture (USDA) in Russia represents the interests of American agriculture and agribusiness in Russia, Belarus and Kazakhstan. Activities of the office include market research and analysis, market development, and market access.
U.S. State Department Background Notes
Background Notes include facts about the land, people, history, government, political conditions, economy, and foreign relations of independent states, some dependencies, and areas of special sovereignty.
U.S. Trade and Development Agency - East Asia and Eurasia Region
The U.S. Trade and Development Agency (USTDA) advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds technical assistance, early investment analysis, training, reverse trade missions, and business workshops that support the development of a modern infrastructure and a fair and open trading environment.