In October 2016, Russia's trade balance was positive. It amounted to 6.6 trillion US dollars. The main trading partners of Russia are European countries. Only a third of exports go to Asian states. Therefore, Russia suffers significant losses due to the sanctions imposed on it by the EU and the USA and the partial closure of its own market in response to them.
Main characteristics
Russia is a country with a trade surplus. However, in 2016, it amounted to only 6.6 trillion US dollars. This is 3.4 trillion less than in 2015. This state of affairs is associated with a significant drop 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, the positive trade balance decreased by 45.7%. Exports decreased by 22% and imports by 2.7%.
Between 1997 and 2016, the average trade balance is $ 9.069 trillion. The maximum value was recorded in January 2012. Then the trade balance amounted to 20.356 trillion US dollars. The minimum value was recorded in February 1998. Then the balance was negative and amounted to -185 million dollars.
The main export trading partners of Russia
The value of goods and services exported from the Russian Federation in 2015 amounted to 342 trillion US dollars. This amount represents 9.6% of GDP. Oil and natural gas are the main products for export. Their value is half of Russia's exports. Other products included iron and steel, fertilizers, machinery, engines and pumps, precious metals, aluminum, wood, coal, and inorganic chemicals. An important role is also played by the military-industrial complex.
The main trading partners of Russia are European countries. They account for 57.1% of the value of exports. In the first place are the Netherlands. Export to this country from Russia is 11.9% of the total value. In second place is China, 8.3%. Next are Germany and Italy. Their share is 7.4% and 6.5%, respectively.
