Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Russia’s total Gross Domestic Product amounted to $3.565 trillion in 2014.
Therefore, exports accounted for about 13.8% of total Russian economic output.
Given Russia’s population of 142.4 million people, its total $492.1 billion in 2014 exports translates to roughly $3,455 for every resident in that country.
Russia’s unemployment rate was 5.1% in 2014.
Russia’s Top 10 Exports
The following export product groups represent the highest dollar value in Russian global shipments during 2014. Also shown is the percentage share each export category represents in terms of overall exports from Russia.
- Oil: US$288.4 billion (58.6% of total exports)
- Iron and steel: $20.2 billion (4.1%)
- Gems, precious metals, coins: $11.6 billion (2.4%)
- Machines, engines, pumps: $9 billion (1.8%)
- Fertilizers: $8.9 billion (1.8%)
- Wood: $7.6 billion (1.6%)
- Cereals: $7 billion (1.4%)
- Aluminum: $6.3 billion (1.3%)
- Inorganic chemicals: $5.1 billion (1%)
- Copper: $4.9 billion (1%)
Cereals (principally wheat, barley, corn and rice) were the fastest-growing among the top 10 export categories, up 191% for the 5-year period starting in 2010.
In second place for improving export sales were Russian machinery shipments which were up in value by 70.1% led by gas turbines, nuclear reactors and their fuel elements, as well as computer data processing machines.
Russian gems and precious metals posted the third-fastest gain in value at 59%, reflecting accelerating sales of diamonds and gold.
The only three declining categories among the top 10 Russian exports were inorganic chemicals (down in value by 21.6%), aluminum (down 5.6%) and copper (down 1%).
The following types of Russian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports is the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Oil: US$284.7 billion (Up by 9.6% since 2010)
- Iron and steel: $14.7 billion (Up by 2.3%)
- Gems, precious metals, coins: $10.5 billion (Up by 54.1%)
- Fertilizers: $8.8 billion (Up by 20.4%)
- Cereals: $6.5 billion (Up by 196.1%)
- Wood: $6.3 billion (Up by 21%)
- Aluminum: $4.8 billion (Down by -15.4%)
- Copper: $3.9 billion (Down by -11.9%)
- Nickel: $3.9 billion (Down by -27.6%)
- Inorganic chemicals: $1.8 billion (Down by -56%)
Russia has highly positive net exports in the international trade of both crude and processed petroleum as well as coal. In turn, these cashflows indicate Russia’s strong competitive advantages under the fossil fuels product category.
Below are exports from Russia that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Russia’s goods trail Russian importer spending on foreign products.
- Machines, engines, pumps: -US$42.3 billion (Up by 33.6% since 2010)
- Electronic equipment: -$28.6 billion (Up by 23%)
- Vehicles: -$27.9 billion (Up by 36.2%)
- Pharmaceuticals: -$12 billion (Up by 11.2%)
- Plastics: -$8.3 billion (Up by 19.8%)
- Medical, technical equipment: -$6.4 billion (Up by 30.7%)
- Meat: -$5.4 billion (Down by -7.3%)
- Fruits, nuts: -$5.3 billion (Down by -2.3%)
- Clothing (not knit or crochet): -$3.8 billion (Up by 30.1%)
- Furniture, lighting, signs: -$3.8 billion (Up by 49.5%)
Russia has highly negative net exports and therefore deep international trade deficits for computerized processing machines embracing a wide variety of different types, sizes, industries and end-users.
These cashflow deficiencies clearly indicate Russia’s competitive disadvantages in the international computer products market, but also represent key opportunities for Russia to improve its position in the global economy through focused innovations.
Russian Export Companies
Wikipedia lists many of the larger international trade players from Russia:
- Gazprom (oil, gas)
- Rosneft (oil, gas)
- LukOil (oil, gas)
- Novatek (oil, gas)
- Norilsk Nickel (diversified metals)
- Transneft (oil and gas equipment)
- Uralkali (specialized chemicals)
- Tatneft (oil, gas)
- Alrosa (diversified metals)
- Novolipetsk Steel (iron, steel)
- UC Rusal (aluminum)
Russia’s capital city is Moscow.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
See also Russia Top Import Partners, Fastest-Growing Russian Export Products and Highest Value Russian Export Products
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 22, 2015
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on October 22, 2015
Trade Map, International Trade Centre. Accessed on October 22, 2015
Investopedia, Net Exports Definition. Accessed on October 22, 2015
Wikipedia, List of Companies of Russia. Accessed on October 22, 2015