Foreign Trade Dependence of the Modern Russian Economy: Trends and Development Prospects

Abstract

For Russia, as well as for many other modern states, foreign trade has always been among the priority areas in the context of the domestic economy development. Is it possible to maintain foreign trade relations and remain open to integration into the global system in the future, and in general, to consider this area as the most important component of Russia’s socio-economic development strategy?  This question is undoubtedly the most relevant in the current conditions of the domestic economy development. The significance of this issue is confirmed by a variety of opinions, scenarios and forecasts for the development of the country's foreign trade potential in the near and long term. Accordingly, they are mostly both positive and negative in nature and include the authors’ own argumentation. However, all the views and expert opinions on this topic studied and presented in the article share one thing in common: now is the time for making fundamental decisions related to both the development of the state's export potential and the focus on domestic needs, which forces us to solve the problems of reducing foreign trade dependence on imports. As a result, the article is devoted to the study of trends and prospects for the development of foreign trade and its impact on the domestic economy.

Funding
The article was written as part of the research work of the RANEPA St. Petersburg No. 124013000703-7 dated 30.01.2024 “Foreign trade dependence of the St. Petersburg economy on import supplies: the ability of the St. Petersburg industrial complex to replenish key commodity positions for the region through the growth of domestic production”.