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The Russian industrial sector expanded only slightly in July

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News Tech: Russia’s manufacturing sector remained resilient in July, as Monday’s business survey showed, as it continues to struggle with declining exports and logistical problems amid Western sanctions. The S&P Global Purchasing Managers Index (PMI) he fell slightly to 50.3 from 50.9 in June, but remained above the 50 mark that separates expansion from contraction. This marks the third month in a row that he has improved for the third straight month in a sector that has been hit hard by Western sanctions against Moscow over its actions in Ukraine and led to a drought in international business as foreign customers left the Russian market.

Producer prices have fallen significantly since January 2009. The sanctions disrupted many of Russia’s traditional supply chains and payment mechanisms, forcing the country’s manufacturers to find substitutes for key Western parts, equipment and materials. Russian Federal Statistical Service Other statistics from the report show that many industries that rely on imports of equipment and parts have seen production fall since February. For example, car production fell 89% year-on-year in June.

However, the study also reveals significant headwinds facing Russian companies. Noting that declining production levels, raw material shortages, wage competition among workers and sluggish demand have weighed on the industry, S&P Global said: “Russian manufacturing sector operations improved only marginally. It’s not enough,” he said. New export orders fell again in July for the sixth month in a row, according to S&P Global. But the study found that companies were able to replace lost international business with domestic customers, and new orders grew at the fastest rate in more than three years.

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But S&P Global reports its highest optimism in five months on ‘hopes for stabilizing economic conditions’, raising hopes a recovery may be on the cards.

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