Russia's Top Imports & Exports 2008
Russian Exports of Fuel Oil to America Up 69% Last Year
Sep 23, 2009
Attaining a Gross Domestic Product (GDP) valued at US$1.677 trillion, Russia was the world’s 8th richest country in 2008.
With a population of 140 million Russians who enjoyed an average GDP of $15,800 per person last year, Russia was also the 73rd wealthiest nation in terms of GDP per capita.
As the world’s 8th biggest exporter, Russia shipped $471.6 billion worth of exports in 2008. Principal Russian exports include petroleum, natural gas, wood, metals, chemicals as well as civilian and military manufactured goods. Based on 2008 statistics, Russia’s largest export clients were the Netherlands (10.8%), Italy (8%), Germany (7.8%), Turkey (5.9%), Ukraine (5.9%), China (4.5%) and Poland (4.4%).
According to the CIA World Factbook, Russia imported $302 billion worth of foreign goods last year including vehicles, machinery, plastics, medicines, iron, steel, consumer products, meat, fruits and nuts. Leading suppliers to the Russian market were Germany (13.4%), China (12.8%), Japan (6.5%), Ukraine (6.3%), the United States (4.4%), Italy (4.3%) and South Korea (4.1%).
In total, Russia’s international trade amounted to $773.5 billion or 46.1% of its overall GDP. This compares with 25% for the U.S. and 59.5% for Canada.
Russian Trade with the U.S.
Last year, Russian exports to America rose 38.7% to $26.8 billion. Over that same period, Russians consumed $9.3 billion worth of U.S. imports – an increase of 28.2%.
Therefore, Russia’s trade surplus with the U.S. came to $17.5 billion in 2008.
The lists below present the top 10 exports and imports that American and Russian enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Russia's Top Exports to America
Among the top 10 Russian exports to America, petroleum-related shipments totaled 63.7% of all exports provided to the U.S. during 2008.
- Fuel oil … US$9.7 billion, up 69% from 2007 (36.4% of US imports from Russia)
- Crude oil … $3.8 billion, up 52.7% (14.3%)
- Other petroleum products … $2.4 billion, up 16.2% (8.8%)
- Fertilizers and pesticides … $1.9 billion, up 178.2% (7%)
- Precious metals excluding gold … $1.3 billion, up 53.6% (4.7%)
- Liquified petroleum gases … $1.1 billion, up 70.5% (4.2%)
- Aluminum … $957.7 million, down 31% (3.6%)
- Nuclear Fuels … $883.8 million, down 2.9% (3.3%)
- Unmanufactured steelmaking materials … $784.8 million, up 50.6% (2.9%)
- Semifinished iron and steel products … $746.4 million, up 49.5% (2.8%).
Fastest-Growing Russian Exports to the U.S.
Petroleum-related Russian exports posted solid double-digit percentage gains. However, chemical fertilizers and pesticides as well as oilfield and drilling equipment were the only 2 export categories of US-bound shipments from Russia that realized triple-digit increases during 2008.
- Fertilizers and pesticides … US$1.9 billion, up 178.2% from 2007
- Oilfield and drilling equipment … $119.8 million, up 159%
- Industrial inorganic chemicals … $88.2 million, up 74.2%
- Synthetics (rubber, wood, cork, resins) … $88.2 million, up 74.2%
- Liquified petroleum gases … $1.1 billion, up 70.5%
- Fuel oil … $9.7 billion, up 69%
- Precious metals excluding gold … $1.3 billion, up 53.6%
- Crude oil … $3.8 billion, up 52.7%
- Unmanufactured steelmaking materials … $784.8 million, up 50.6%
- Semifinished iron and steel products … $746.4 million, up 49.5%.
Russia’s Top Imports from America
Below are the top ten goods imported from the U.S. into Russia during 2008.
- Meat and poultry … US$1.4 billion, up 39.4% from 2007 (14.6% of US exports to Russia)
- Passenger cars … $995.7 million, up 41.6% (10.7%)
- Agricultural machinery and equipment … $639.9 million, up 76.9% (6.9%)
- Civilian aircraft … $544.3 million, down 22.3% (5.8%)
- Oilfield and drilling equipment … $458.7 million, up 7.4% (4.9%)
- Trucks, buses, special purpose vehicles … $368.1 million, up 62.7% (3.9%)
- Excavating machinery … $291.3 million, up 36.3% (3.1%)
- Toiletries and cosmetics … $232.5 million, up 57.6% (2.5%)
- Materials handling equipment … $217.2 million, up 20.2% (2.33%)
- Generators … $213.7 million, down 10.5% (2.29%).
Fastest-Growing Russian Imports from the U.S.
A wide range of American exports to Russia in 2008 had triple-digit percentage sales increases from 2007. With the exception of other vehicle parts and accessories, most of these fast-growing import categories totaled well below $100 million in sales.
- Precious metals excluding gold … US$80 million, up 1,963% from 2007
- Other vehicle parts and accessories … $164.1 million, up 245.8%
- Other nonferrous metals … $29.4 million, up 162.5%
- Manmade cloth … $49.1 million, up 147.4%
- Manufactured wood supplies … $23 million, up 135.1%
- Inorganic chemicals … $73.5 million, up 135.1%
- Other foods … $71.9 million, up 131.3%
- Collectibles (antiques, artwork, stamps) … $73.5 million, up 128.5%
- Nuclear fuel materials … $35.6 million, up 114.4%
- Wood, glass, plastic … $47.5 million, up 104.7%.
Because petroleum accounts for such a large percentage of Russian export sales, lower oil prices cut into Russia’s revenues. This in turn can reduce Russian purchases of imports from other countries.
The worst case scenario from Russia having to endure with less revenue from lower-priced oil exports is that all trade partner countries will follow suit by conducting fewer export and import transactions with the former Soviet Union.
The best case scenario is that Russia and its trading partners will focus on a replacement energy export like nuclear fuels or natural gas. Hopefully, Russian trade will see the emergence of another export category that proves to be as successful as products from Russia’s fertilizers and pesticides industry.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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