Supporters of Mr. Putin have argued instead for an emphasis on increasing earnings from oil and raw materials exports.
In Australia, whose economy is heavily reliant on raw materials exports to China, the S.&P./ASX 200 dropped 1.1 percent.
The city's manufacturing industries are based on the processing of raw materials exported through the port.
The list indicates that fuel, food and building materials exported from Russia into eastern Ukraine represented much of the flow of goods.
The relatively lower export duty on refined products was a continuation of a Soviet policy of encouraging industrial production over raw materials exports, an idea championed by Mr. Putin.
Several years later, he branched out into banking and raw materials exports.
For instance, Beijing is limiting capital outflows, several EU members are pushing for heighted scrutiny of foreign investment, and Indonesia is restricting some raw materials exports.
Mexico is also the nation in which raw materials exports are higher, in the form of both intermediate and final goods.
The WDI variables for each country are real GDP per capita growth (annual %); real GDP per capita in 1990; gross capital formation (annual % growth); exports of goods and services (annual % growth); and agricultural raw materials exports, food exports, fuel exports, ore and mineral exports and manufactured exports (each as % of merchandise exports).
In Table 3, we study the commodity boom effects on GDP per capita growth in LAC versus non-LAC countries for specific export groups (Eq. 4); the variables for the export groups are the four commodity groups (agricultural raw materials exports, ore and mineral exports, food exports, and fuel exports), each as a percentage of total merchandise exports.
