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RF Economy Suffers from Import Increase and Ruble Rate Growth
December 22, A poll on how the growth of import and increased ruble rate affected the Russian enterprises was taken by the Russia Public Opinion Research Center (VCIOM). It questioned directors of 100 food, consumer goods, and light industry enterprises in 10 regions of Russia.
According to the poll results, more than 75 percent of Russian companies were affected by import and ruble rate growth and are taking measures against it. According to VCIOM, 13-16 percent of large enterprises may experience decrease of employment due to a bad situation with import and growth of the ruble rate.
Because of import growth about 18 percent companies are considering the option of leaving the traditional markets and changing their specialty. Among the consequences of growth of the ruble rate, the enterprises named a decrease of the market, industry investments and profits.
The facts received by VCIOM also revealed that the positive effects planned from strengthening of the ruble were minimal. Thus, the enterprises do not increase the purchase of foreign equipment: only 3 percent of the surveyed enterprises mentioned having purchased it; this figure is less than a number of enterprises, expecting production investments to decrease with growth of import increase (5 percent).
Besides that, there are difficulties in purchasing raw materials from abroad: more than 10 percent of respondents mentioned the difficulties in 2004 in purchasing foreign raw materials and components. This result is rather unexpected, because earlier it was said that cheapening of intermediate goods import will help the development of the national production.
Although the CB has allowed 20 drastic leaps of the dollar rate this year (average of 10 kopecks each), the enterprises are all for a stable ruble rate. Most manufacturing companies consider the currency exchange rate during their planning, and more than a half of them are in favor of the ruble stability (including 60 percent of middle and large sized enterprises), VCIOM reports.
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Photo: Ilya Pitalev