European Union’s ban on imports from Crimea will have an adverse effect on the republic’s economy, as the share of exports to the EU exceeds 35% for some companies.
The region’s Ministry of Industrial Policy reported this to ITAR-TASS.
“Manufacturers will have to seek new markets, which will take some time, so the companies in the ministry’s area of responsibility will suffer from the ban on Crimean imports,” said the acting minister, Andrei Skrynnik.
The ministry reports that in the first quarter of 2014, Crimean exports to the EU dropped 20.2% year-on-year; supplies to the EU accounted for 15.1% of Crimea’s total export. According to the republic’s Ministry of Economic Development and Trade, in the first quarter Crimea exported $57.2 million worth of goods. Industrial companies’ share was 81.2% ($46.5 million); chemicals made up almost a half of that amount.
The ministry hopes exports can be reoriented to the Middle East, China, India, Turkey, Azerbaijan and other countries, “where Crimean goods are in demand”.............http://en.itar-tass.com/russia/738637
2/7/14
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