Russian industry is demanding more machine tools, leading to a surge in sales of machinery to the booming oil and gas industry, as well as to the entire gamut of metalworking industries, including railway and chemical. Currently, imports totaling over 75 percent of total sales in 2005 are satisfying Russia’s manufacturing needs, with the balance coming from Russian machine tool builders.
According to Stankoinstrument Association, Russia’s trade association for the machine tool industry, 2005 imports totaled 8,862 units with a dollar value of almost $300 million.
Machine tool building and metalworking industries make up over 18 percent of Russia’s industrial structure. These fields comprise the largest sector within that structure, contrary to common opinion that the fuel industry (oil and gas) dominates. That industry ranks second with 17 percent of total manufacturing.
Reportedly, the Russian market has the potential to become one of the largest markets in the world, and considerable future growth of industrial machinery and consumption is expected.