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Export Import In Russia
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The economy of Russia was deeply hit by the great depression that the country faced in the year 1998, which affected the export import in Russia tremendously. This depression was much worse than the depression faced by the western countries. In spite of this major setback, the economy of Russia grew considerably during the past few years. This growth is mostly credited to its political stability and the rise in oil prices and other fuels.
Russia has an enormous amount of natural resources. The natural gas reserves in Russia are the largest in the world, with coal and oil reserves placed at second and eighth position respectively in the world. Thus, Russia’s major export products comprise of the natural resources mentioned above. It is the largest exporter of natural gas and the second largest when it comes to exporting oil in the world. Actually, the bulk of its exports about 80% include natural gas, oil, timber and metals. However, the contribution of Russia’s exports is less than 5% in its GDP.
This happens because of high domestic consumption and low income tax. The income tax is charged at 13% flat rate in Russia. It stands second in terms of personal tax charged in the world after UAE where no income tax is charged. This low income tax has made the citizens more contented and also contributed to the increase in the revenue collection of the Russian government.
This makes it one of the best markets for starting an import business. The new policy adopted by the government is much liberal than what it had in the past, and now it does let you import certain items easily that were difficult to import earlier. You can now easily set up an import business in Russia and take advantage of the improved spending power of its population.
Russia has more graduates in higher education than the other countries of Europe and its literacy rate among the average population is quite high. This makes it easy for you to successfully tap the stylish and urbane import goods market. The imported products that are high in demand include computers, electronics, apparels and luxury goods.
The major industries in Russia also require imported machinery and equipment that they can use to enhance their production. The major industries that depend upon imported plants, equipment and machinery include mining, oil and energy sector. If you can find the right contacts then you can benefit hugely from this highly profitable market.
Exporting products from Russia can also make you a fortune, especially if you already have an experience of conducting business in key sectors such as natural gas, oil and coal. You can easily export these products from Russia, as it is already famous across the world for such exports, and you would not have to make an extra effort in order to convince your buyers. You can make huge profits by getting these products for yourself and then supplying them to the highest bidder.
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Export Import Russia
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Russia Export Import
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Export Import In Russia
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