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Foreign trade figures of Russia

Foreign Trade in Figures

The country is fairly open to foreign trade, which accounts for 52% of GDP (World Bank, 2021), despite strict laws and policies. Russia became a member of the WTO in 2012, is a member of the Commonwealth of Independent States, which have established a free trade area, and is a member of the Eurasian Customs Union. Russia and Ukraine have abolished mutual trade preferences. The Eurasian Customs Union has signed an agreement with Vietnam and is negotiating free trade agreements with, for example, Iran, India, Egypt, Singapore and Serbia. Russia is the 13th exporter and 22nd importer of goods in the world (WTO, 2021). It mainly exports hydrocarbons (around 40% of total exports), solid fuels, precious metals, iron and steel, wheat and meslin, wood, and mainly imports machinery, pharmaceuticals, electronics, electrical products, vehicles and boats (Comtrade). After rebounding from the COVID-19 pandemic in 2021, the volume of Russia’s exports and imports of goods and services dropped sharply in 2022, in the context of the war in Ukraine and the subsequent economic sanctions imposed by Western countries. Exports decreased by 16% compared to 2021, while imports fell by 19.2% (IMF). According to IMF forecast, exports should continue decreasing at a slower pace in 2023 (-3%) before starting to recover in 2024 (+5.2%). Imports are expected to recover in 2023 (+5.6.%) and to continue growing in 2024 (+4.3%).
 
Russia's main customers are China (14% of exports), the Netherlands (8.6%), Germany (6%), Turkey (5.4%), Belarus (4.7%) and the United Kingdom (4.5%). Its main suppliers are China (24.8% of imports), Germany (9.3%), the United States (5.9%), Belarus (5.3%) and South Korea (4.4%). Since the conflict in Ukraine and the economic sanctions imposed by Western countries, the Kremlin has imposed an embargo on European and American agricultural products and has reconfigured its trade relations.
 
The country has recorded significant and regular trade surpluses since 1998, mainly due to the richness of its natural resources, notably hydrocarbons (crude oil and natural gas in particular). The trade surplus makes up easily for the deficit in services and income. In 2021, in the context of the recovery from the COVID-19 pandemic, trade surplus expanded. According to the latest WTO data, Russia exported USD 493.8 billion worth of goods in 2021, and imported USD 304 billion worth, posting a surplus of USD 190 billion (compared to USD 91.8 billion in 2020). The country exported 56.6 billion USD of services and imported 75.9 billion USD (WTO). According to preliminary data from the Russian central bank, the trade surplus (including services) increased to USD 236.8 billion during the period from January to September 2022 (compared to USD 107.9 billion during the same period in 2021), thanks to higher oil prices and a reduction in imports. Despite the efforts made since the imposition of sanctions, the substitution of domestic products for imports has hardly been successful, except in the food industry.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 248,856253,876240,088304,013280,353
Exports of Goods (million USD) 443,914419,721333,530494,350588,328
Imports of Services (million USD) 94,72899,00064,83276,23070,809
Exports of Services (million USD) 64,64662,78648,64556,48249,098

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 51.649.246.050.643.8
Trade Balance (million USD) 195,058165,84593,441190,337314,124
Trade Balance (Including Service) (million USD) 164,976129,32876,653169,955291,566
Imports of Goods and Services (Annual % Change) 2.73.1-11.919.1-15.0
Exports of Goods and Services (Annual % Change) 5.60.7-4.23.3-13.9
Imports of Goods and Services (in % of GDP) 20.820.820.420.715.6
Exports of Goods and Services (in % of GDP) 30.828.425.529.928.2

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -7.55.73.93.13.1
Volume of imports of goods and services (Annual % change) 10.92.42.52.62.4

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Russia is a member of the following international economic organisations: Eurasian Economic Union, IMF, Asia-Pacific Economic Cooperation (APEC), OECD  (accession state), Black Sea Economic Cooperation Zone (BSEC), ICC, Association of Southeast Asian Nations (ASEAN) (dialogue partner), G-8, G-20, WTO, Shanghai Cooperation Organisation (SCO), among others. Russia's membership in international organizations is outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Russia can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
China 14.0%
Netherlands 8.6%
Germany 6.0%
Türkiye 5.4%
Belarus 4.7%
See More Countries 61.4%
Main Suppliers
(% of Imports)
2021
China 24.8%
Germany 9.3%
United States 5.9%
Belarus 5.3%
South Korea 4.4%
See More Countries 50.3%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

492.3 bn USD of products exported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 22.5%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 14.2%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 3.6%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 3.5%
Semi-finished products of iron or non-alloy steelSemi-finished products of iron or non-alloy steel 1.9%
See More Products 54.3%
293.5 bn USD of products imported in 2021
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.9%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.2%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.7%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.7%
See More Products 83.9%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

45.9 bn USD of services exported in 2020
33.54%
25.14%
11.35%
10.23%
8.51%
2.75%
2.53%
2.47%
1.62%
0.93%
0.92%
61.7 bn USD of services imported in 2020
25.01%
19.46%
14.82%
12.12%
11.03%
8.12%
2.13%
2.04%
1.94%
1.67%
1.65%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023