Abstract
Among the paramount drivers of globalization and the world economy, global oil prices are traditionally named. Most significantly they influence the economy of the countries with export oriented for raw materials. The Russian Federation is among those ones. This study aims at analyzing the impact of global oil prices on the RF’s foreign trade statistical indicators. General scientific methodology and statistical and econometric methods are applied in this research. Statistical data demonstrate the coincident changes in global oil prices, foreign trade turnover and the volume of the Russian commodities export. Herein, oil is not affected by the law of demand, since it belongs to the strategical goods with an inert demand. Thus, the indicator of Russian foreign trade turnover, that was forecasted adjusted for oil prices dynamics, demonstrates a further downturn.
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Acknowledgements
The reported study was funded by RFBR and FRLC according to the research project № 19-510-23001.
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Perstenyova, N.P., Zaychikova, N.A. (2021). Analyzing Oil Prices Impact on Russian Foreign Trade. In: Ashmarina, S.I., Horák, J., Vrbka, J., Šuleř, P. (eds) Economic Systems in the New Era: Stable Systems in an Unstable World. IES 2020. Lecture Notes in Networks and Systems, vol 160. Springer, Cham. https://doi.org/10.1007/978-3-030-60929-0_90
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DOI: https://doi.org/10.1007/978-3-030-60929-0_90
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