Top Russian Trade Balances

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Crude or refined petroleum oils and, to a lesser extent, coal were major factors behind Russia’s highest trade surpluses by product. Netherlands and South Korea placed first and second respectively among trade partners with which Russia experienced the highest positive trade balances.

Russia’s overall trade surplus for all products equaled US$103.2 billion in 2016, down -21.9% from the $131-billion surplus for 2009. Year over year, the $103.2 billion in black ink represents -35.9% setback from the $161.1 billion surplus that Russia earned during 2015.

Top Russian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $155.5 billion for Russia in its global trade during 2016. Metrics listed below highlight Russia’s strongest competitive advantages over worldwide trading partners.

  1. Crude oil: US$73.6 billion (Down -21% since 2009)
  2. Processed petroleum oils: $45.2 billion (Down -1.4%)
  3. Coal, solid fuels made from coal: $8.6 billion (Up 25.4%)
  4. Aluminum (unwrought): $4.9 billion (Down -4.2%)
  5. Diamonds (unmounted/unset): $4.8 billion (Up 334.9%)
  6. Iron or non-alloy steel products (semi-finished): $4.5 billion(Down -7%)
  7. Wheat: $4.1 billion (Up 51.1%)
  8. Petroleum gases: $4 billion (Down -90.1%)
  9. Sawn wood: $3.2 billion (Up 22.9%)
  10. Fertilizer mixes: $2.6 billion (Up 35.2%)

Five of Russia’s top product surpluses rose in value from 2009 to 2016, led by diamonds (up 334.9%) and wheat (up 51.1%).

Positive trade balances for the remaining five products fell in value. The top decliners were petroleum gases (down -90.1%) and crude oil (down -21%).

Product-

The 10 major products below accumulated a deficit subtotal of -$38.2 billion for Russia in international trade during 2016. Russia has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Medication mixes in dosage: -US$6.5 billion (Down -4.2% since 2009)
  2. Phone system devices including smartphones: -$6.4 billion (Up 56.1%)
  3. Temperature-change machines: -$5.9 billion (Up 422.5%)
  4. Automobile parts/accessories: -$5.4 billion (Up 110.2%)
  5. Cars: -$4.9 billion (Down -40.4%)
  6. Computers, optical readers: -$3.6 billion (Up 33.9%)
  7. Electro-medical equipment (e.g. xrays): -$1.6 billion (Up 10.1%)
  8. Taps, valves, similar appliances: -$1.3 billion (Up 55.2%)
  9. Blood fractions (including antisera): -$1.26 billion (Up 13.7%)
  10. Aluminum oxide/hydroxide: -$1.24 billion (Up 5.7%)

Russia’s red ink increased at the fastest pace for temperature-change machines (up 422.5% since 2009), automobile parts or accessories (up 110.2%), phone system devices including smartphones (up 56.1%) and taps, valves or similar appliances (up 55.2%).

Only two top deficit categories declined from 2009 to 2017, namely cars (down -40.4%) and medication mixes in dosage (down -4.2%).

Country+

In 2016, Russia generated a surplus subtotal worth $50 billion with the following 10 trading partners.

  1. Netherlands: US$26.2 billion (Down -19.8% since 2009)
  2. Turkey: $11.6 billion (Down -12.2%)
  3. Kazakhstan: $5.8 billion (Up 6.5%)
  4. Poland: $5.1 billion (Down -38.1%)
  5. South Korea: $4.9 billion (Up 498.5%)
  6. Belarus: $4.6 billion (Down -53.6%)
  7. Latvia: $4.5 billion (Up 38.7%)
  8. Italy: $4.1 billion (Down -76.2%)
  9. Finland: $4.06 billion (Down -22.1%)
  10. Algeria: $3.96 billion (Up 176.8%)

Growing at the fastest pace were Russian trade surpluses with South Korea (up 498.5%) and Algeria (up 176.8%).

Over the 7-year period, Russia’s positive net exports declined with six of its top 10 partners led by Italy (down -76.2%) and Belarus (down -53.6%).

Country-

Russia experienced a losing international trade relationship with 71 countries, islands or territories. The following 10 trade partners created a -$22.1 billion deficit subtotal in 2016 from exchanging exports and imports.

  1. China: -US$10.1 billion (Up 62.6% since 2009)
  2. France: -$3.6 billion (Reversing a $320.8-million surplus)
  3. Indonesia: -$1.8 billion (Up 406%)
  4. United States: -$1.6 billion (Reversing an $82.7-million surplus)
  5. Vietnam: -$1.1 billion (Reversing a $175.5-million surplus)
  6. Ecuador: -$1 billion (Up 29.8%)
  7. Austria: -$782.8 million (Up 80.3%)
  8. Brazil: -$737.9 million (Down -69.6%)
  9. Paraguay: -$685.4 million (Up 93.2%)
  10. Slovenia: -$624.6 million (Down -15.9%)

Up 406%, Russia’s trade deficit with Indonesia grew the fastest from 2009 to 2016.

Russia trimmed the size of its negative trade balance with Brazil at the fastest pace, whittling it down by -69.6%.


See also Russia’s Top 10 Major Export Companies, Russia’s Top 10 Imports, Russia Top Trading Partners, Russia’s Top 10 Exports, Highest Value Russian Export Products and Capital Facts for Moscow, Russia

Research Sources:
Trade Map, International Trade Centre. Accessed on March 18, 2017

Investopedia, Net Exports Definition. Accessed on March 18, 2017

The World Factbook, Field Listing: World, Central Intelligence Agency. Accessed on March 18, 2017

Wikipedia, Economy of Russia. Accessed onMarch 18, 2017