After being isolated for most of the Cold War, Russia became a major commodities exporter. Consumers around the world will take a disproportionate hit as Russia recedes from the international economy, writes GinaChon:
An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region, Russia on March 11, 2019. REUTERS/Vasily Fedosenko/from global trade leaves a big economic hole. After being isolated for most of the Cold War, the country became a major commodities exporter. That’s why the loss of an economy smaller than the U.S. state of Texas is pushing up global prices for energy, metals and wheat.
The arrival of Mikhail Gorbachev as the Soviet leader in 1985 opened the door to international markets. After the union collapsed in 1991, Russia broke into the world’s top 25 trading countries, accounting for about 1% of global exports, according to the As agriculture became a smaller part of America’s economic output, Russia stepped in. In 1995, Uncle Sam was the top overseas seller of fertilizer with almost 17% of the market; Russia supplied about 10%. Eight years later, Russia took the lead. It became the top wheat exporterBy 2020, overseas trade made up 46% of Russia’s GDP, World Bank figures show. Oil and gas still provided more than half its exports, with metals accounting for 11%, chemicals about 8% and food products 7%.
Russia still has willing customers like China, already its biggest export destination, while India may buy the country’s oil and other goods at a discount,told Reuters on Monday. Countries that accounted for at least 35% of Russia’s overseas markets have yet to impose sanctions or cut economic ties. Still, even some of those nations are finding it hard to transport goods through the Black Sea.
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