U.S. manufacturers are turning their attention to Russia as that nation increases its consumption of machinery, consumer goods and services, AP reports. U.S. exports to Russia were up 29% in the first eight months of this year versus last year, and are expected to exceed $10 billion for the year.
International Paper, Caterpillar and Deere are among the companies investing in Russia. Caterpillar says Russia could become its No. 1 export market, up from tenth biggest currently. And the Association of Equipment Manufacturers says Russia buys more U.S.-made construction equipment than China does.