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Foreign trade figures of Russia

Foreign Trade in Figures

The country is fairly open to foreign trade, which accounts for 44% of GDP (World Bank), despite strict laws and policies. Russia became a member of the WTO in 2012, is a member of the Commonwealth of Independent States, which has established a free trade area, and is a member of the Eurasian Customs Union. Russia was the 12th exporter and 27th importer of goods in the world in 2022 (WTO). It mainly exports hydrocarbons (around 40% of total exports), coal, gold, and iron; while imports are driven by telephones (3.9%), parts and accessories for tractors and motor vehicles (3.6%), medicaments (3.2%), and vehicles (2.7% - data Comtrade 2022).

In 2021, Russia's main customers were China (14%), the Netherlands (8.6%), Germany (6%), Türkiye (5.4%), and Belarus (4.7%). Conversely, imports came chiefly from China (24.8%), Germany (9.3%), the United States (5.9%), Belarus (5.3%), and South Korea (4.4% - Comtrade, latest data available). The conflict between Russia and Ukraine resulted in substantial trade redirection for Russia, particularly favouring Russian mineral oil and gas exports from Europe to Asia. The trade adaptations are primarily driven by increases in import prices, with noticeable variations among product categories and geographic areas. Despite the voluntary reduction in gas exports and the oil embargo implemented by EU countries, soaring oil and gas prices, along with the redirection of energy exports to non-sanctioned countries, contributed to record energy export revenues.

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. According to the latest WTO data, Russia exported USD 588.3 billion worth of goods in 2022 and imported USD 288.3 billion (+19% and -7.7% y-o-y, respectively). In the same year, the country exported USD 49 billion in services (-13%) and imported USD 70.8 billion (-7.1%). Russia’s trade balance was estimated to be positive by 12.6% of its GDP in 2022 by the World Bank, from 9.2% one year earlier. According to preliminary data from the Central Bank of Russia, Russia's current account surplus decreased to approximately USD 50 billion in 2023. The value of goods and services exports declined by 28% during the same period to around USD 460 billion. Conversely, the value of goods and services imports grew by 9% for the entirety of 2023, reaching around USD 380 billion.

 
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 20232024 (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%
United Kingdom 4.5%
See More Countries 61.6%
Main Suppliers
(% of Imports)
2021
China 24.8%
Germany 9.3%
United States 5.9%
South Korea 4.4%
France 4.2%
See More Countries 51.4%

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

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: February 2024

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