Exporters reported problems due to the strong ruble exchange rate

A strong ruble reduces the competitiveness of Russian products in foreign markets, Veronika Nikishina, head of the Russian Export Center (REC), told Izvestia at the WEF. According to her, the exchange rate in the range of 90-95 rubles per dollar would be more comfortable for the balance of exports and imports, and above 100 rubles for individual exporters.

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"A strong ruble is definitely a huge disadvantage for exporters. Due to an unreasonably strong exchange rate, we are losing our competitive advantages in many products. When the ruble weakens to 90-95 per dollar, Russian products become more competitive in price," Veronika Nikishina said.

According to her, the problem is especially relevant for companies that compete with foreign manufacturers in terms of price. The strengthening of the national currency reduces the ruble earnings of exporters and at the same time makes imported goods relatively cheaper.
At the same time, the structure of Russian exports has become more diversified in recent years, the head of the REC said. The share of non—primary supplies has recovered to about 40%, the level of 2021.

Mechanical engineering consistently accounts for about 20% of Russian exports, although its share may vary slightly from year to year. Thus, the dynamics of the ruble exchange rate affects not only the oil and gas sector, but also a wide range of companies focused on foreign markets.

Read more in the exclusive Izvestia article: "Russian goods continue to be bought in the markets of unfriendly countries"