In October 2016, Russia's trade balance was positive. It amounted to 6.6 trillion US dollars. Russia's main trading partners are European countries. Only a third of exports go to Asian countries. Therefore, Russia is suffering significant losses due to the sanctions imposed on it by the EU and the US and the partial closure of its own market in response to them.
Key indicators
Russia is a country with a trade surplus. However, in 2016 it was only $6.6 trillion. This is 3.4 trillion less than in 2015. This state of affairs is associated with a significant decline in oil prices and economic sanctions. In 2016, exports fell by 7.6%, while imports grew by 8.2%. If we consider the first ten months of 2016, then the positive trade balance decreased by 45.7%. Exports decreased by 22%, while imports decreased by 2.7%.
From 1997 to 2016, the averagethe trade balance is 9.069 trillion US dollars. The maximum value was recorded in January 2012. Then the trade balance was 20.356 trillion US dollars. The minimum value was recorded in February 1998. Then the balance was negative and equaled -185 million dollars.
Main export trading partners of Russia
The value of goods and services exported from Russia in 2015 amounted to 342 trillion US dollars. This amount represents 9.6% of GDP. Oil and natural gas are the main export products. Their value is half of all Russian exports. Among other products, the top ten included: iron and steel, fertilizers, machinery, engines and pumps, precious metals, aluminium, timber, coal and inorganic chemicals. The military-industrial complex also plays an important role.
Russia's main trading partners are European countries. They account for 57.1% of the value of exports. The Netherlands is in first place. Exports to this country from Russia account for 11.9% of the value of the total volume. In second place is China, 8.3%. Next come Germany and Italy. Their share is 7.4% and 6.5% respectively.
Countries - trade partners of Russia in terms of imports
In 2015, the Russian Federation imported goods worth 193 trillion US dollars. Russia's main trading partners in terms of imports are China, Germany, the USA, Belarus and Italy. Goods such as cars, other vehicles, pharmaceutical products,plastic and metal blanks, meat, fruits and nuts, optical and medical equipment, iron, steel.
