The United States and Russia have engaged in trade for many years, but the volume and composition of that trade have fluctuated over time. This article provides an overview of U.S. trade with Russia, drawing on data from the United States Trade Representative (USTR), the U.S. Census Bureau, and The Moscow Times.
Key Facts
- Trade Deficit: The United States has a trade deficit with Russia, meaning that it imports more goods and services from Russia than it exports to Russia. In 2022, the U.S. goods and services trade deficit with Russia was $11.2 billion.
- Declining Trade: Trade between Russia and the United States has been declining in recent years. In 2022, U.S. goods exports to Russia were $1.7 billion, down 74.0 percent from 2021 and down 84 percent from 2012. In July 2023, trade between the two countries hit a two-decade low, with trade turnover totaling $277.3 million, marking an 11-fold drop from February 2022.
- Trade in Goods: The trade between the United States and Russia primarily involves goods. In 2022, the total trade in goods between the two countries amounted to $14.4 billion, with the United States exporting $1.7 billion worth of goods to Russia and importing $12.8 billion worth of goods from Russia.
Trade Deficit
The United States has a trade deficit with Russia, meaning that it imports more goods and services from Russia than it exports to Russia. In 2022, the U.S. goods and services trade deficit with Russia was $11.2 billion. This deficit has been a persistent feature of U.S.-Russia trade in recent years.
Declining Trade
Trade between Russia and the United States has been declining in recent years. In 2022, U.S. goods exports to Russia were $1.7 billion, down 74.0 percent from 2021 and down 84 percent from 2012. This decline is likely due to a number of factors, including the imposition of sanctions on Russia by the United States and its allies in response to Russia’s annexation of Crimea and its involvement in the conflict in eastern Ukraine. In July 2023, trade between the two countries hit a two-decade low, with trade turnover totaling $277.3 million, marking an 11-fold drop from February 2022.
Trade in Goods
The trade between the United States and Russia primarily involves goods. In 2022, the total trade in goods between the two countries amounted to $14.4 billion, with the United States exporting $1.7 billion worth of goods to Russia and importing $12.8 billion worth of goods from Russia. The main U.S. exports to Russia are machinery, vehicles, and agricultural products. The main U.S. imports from Russia are mineral fuels, metals, and chemicals.
Conclusion
The trade relationship between the United States and Russia has been strained in recent years due to political and economic tensions. This has led to a decline in trade between the two countries. The future of U.S.-Russia trade is uncertain, but it is likely to remain low in the near term.
Sources:
- United States Trade Representative: Russia
- U.S. Census Bureau: Trade in Goods with Russia
- The Moscow Times: U.S.-Russia Trade Hits Two-Decade Low
FAQs
What is the current status of U.S. trade with Russia?
U.S. trade with Russia has been declining in recent years. In 2022, U.S. goods exports to Russia were $1.7 billion, down 74.0 percent from 2021 and down 84 percent from 2012. In July 2023, trade between the two countries hit a two-decade low, with trade turnover totaling $277.3 million, marking an 11-fold drop from February 2022.
What is the main cause of the decline in U.S.-Russia trade?
The decline in U.S.-Russia trade is likely due to a number of factors, including the imposition of sanctions on Russia by the United States and its allies in response to Russia’s annexation of Crimea and its involvement in the conflict in eastern Ukraine.
What are the main goods that the United States exports to Russia?
The main U.S. exports to Russia are machinery, vehicles, and agricultural products.
What are the main goods that the United States imports from Russia?
The main U.S. imports from Russia are mineral fuels, metals, and chemicals.
Does the United States have a trade deficit or surplus with Russia?
The United States has a trade deficit with Russia, meaning that it imports more goods and services from Russia than it exports to Russia. In 2022, the U.S. goods and services trade deficit with Russia was $11.2 billion.
How has the conflict in Ukraine affected U.S.-Russia trade?
The conflict in Ukraine has had a negative impact on U.S.-Russia trade. The United States and its allies have imposed sanctions on Russia in response to its actions in Ukraine, and these sanctions have disrupted trade between the two countries.
What is the future of U.S.-Russia trade?
The future of U.S.-Russia trade is uncertain. It is likely that trade between the two countries will remain low in the near term, but it is possible that trade could increase in the future if tensions between the two countries ease.
What are some of the challenges facing U.S.-Russia trade?
Some of the challenges facing U.S.-Russia trade include political tensions, economic sanctions, and differences in business practices.