Prospects for export diversification in favor of food products

In recent years, Russia has faced the problem of restricting foreign trade under the pressure of sanctions that began in 2015 against the background of the foreign policy crisis. The most difficult years for Russian exports were 2015-2017, when Western countries restricted the purchase of mineral resources, and 2020, when the global economy experienced a slowdown amid the spread of the coronavirus pandemic. Due to the high dependence of the Russian economy on energy exports in the context of new sanctions packages, the issue of diversification of sources of foreign exchange earnings becomes relevant. One of the most promising and stable for Russia in such conditions is the export of food - an integral source of human existence. The study provides a general analysis of the dynamics of exports and imports of Russia, analyzes the share of exports and imports of food in the total volume. It was found that the share of food exports in the total volume is growing in dynamics, and the total volume of exports, consisting of half of the exports of energy resources, is also growing, therefore, the growth of the share of food exports is associated with its real increase. Food imports are also growing in dynamics, but for the first time in 2021, the trade balance for this product category acquires a positive value. Despite the high potential for the development of food exports, in the current conditions, Russia does not have the necessary volumes of its production in order to completely block the flow of foreign exchange earnings coming from the sale of energy resources and raw materials. But, nevertheless, food exports are practically a win-win option for obtaining foreign exchange earnings, since there are a large number of countries in the world that need food purchases, the need for which it is not possible to close without Russia’s participation.