Russia: Exporter Guide
Link to report:
COVID-19 had a strong impact on the Russian economy that changed consumer behavior. In January - July 2020, the GDP decline is estimated at 3.4 percent year-on-year. The Russian Ministry of Economic Development forecasts the Russian economy will recover in Q3 of 2021 due to citizen and business support measures, rising prices for oil, and mass vaccination from COVID-19. Food production and processing of agricultural products remains one of the drivers of economic growth. In JanuaryNovember 2020, production of food products increased by 3.9 percent and drinks by 1.3 percent year-on year. Russia’s food processing industry continues to invest in new equipment and is expanding purchasing of ingredients, but looking for more competitive sources in terms of price ingredients.
