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 2022, 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.