Trade in Russia - statistics & facts
The Russian economy is strongly dependent on commodity exports. The country a major role in exports of agricultural foods, fertilizers, energy, and metals. Even after Western countries imposed sanctions on some of Russia's major export products, such as fossil fuels and selected metals, after the invasion of Ukraine in 2022, Russia has remained among the 20 leading exporters worldwide.
Even though Russia's trade with the European Union (EU) and the U.S. was largely reduced by the sanctions, exports and imports of non-sanctioned commodities continue. The U.S. imports from Russia dropped to less than five billion U.S. dollars in 2023, while the EU imported goods worth roughly 50 billion euros from Russia in the same year. Even though the EU is reducing its dependence on Russian gas imports, it continues to purchase liquefied natural gas (LNG) from Russia.
Even though the long-term impact of the sanctions is yet to be assessed, in the upcoming years, Russia is expected to continue promoting nationalization of its economy and to substitute some sanctioned goods and services with imports from non-sanctioning regions.
Russia's leading export commodities
Russia is one of the major oil exporters, having shipped almost eight million barrels of crude oil and refined products daily in 2022. Mineral products, the main export commodity group, made up over 60 percent of the exports in monetary terms in January 2024, which has highlighted the relevance of the oil and gas revenue to the country's budget. Moreover, Russia is a major supplier of wheat, fertilizers, aluminum, palladium, and nickel. Due to the war, these commodities are at risk of supply chain disruptions and price increases.Russia's key trade partners
Since the invasion of Ukraine, Russia has strengthened its trade relations with China, India, other partners in BRICS, Turkey, as well as several Latin American countries. Some of these countries have become Russia's key destinations of fossil fuel exports. Furthermore, the Russian government legalized parallel imports and thus enabled goods manufactured by the companies that exited the country to enter its market from neighboring Caucasian and Central Asian countries.Even though Russia's trade with the European Union (EU) and the U.S. was largely reduced by the sanctions, exports and imports of non-sanctioned commodities continue. The U.S. imports from Russia dropped to less than five billion U.S. dollars in 2023, while the EU imported goods worth roughly 50 billion euros from Russia in the same year. Even though the EU is reducing its dependence on Russian gas imports, it continues to purchase liquefied natural gas (LNG) from Russia.
Sanctions' impact on Russian trade
When Western sanctions were imposed on Russia due to its annexation of Crimea in 2014, Russia's trade revenue dropped by one-third in 2015. Russia placed a food embargo from Western countries and launched an extensive import substitution program. From February 2022, Western allies further restricted trade with Russia by including exports of selected high-tech produce, machinery, and luxury goods, as well as imports of some mineral commodities. However, as a result of commodity price increases, the country's trade revenue increased in 2022 before losing 16 percent in the following year.Even though the long-term impact of the sanctions is yet to be assessed, in the upcoming years, Russia is expected to continue promoting nationalization of its economy and to substitute some sanctioned goods and services with imports from non-sanctioning regions.
