Skip links

World's Top Exports

Trade metrics that inspire global thinking

Header Right

Top Russian Trade Balances

by

Red Square Moscow
Red Square, Moscow
Mobile phones, automobile parts or accessories as well as medication mixes in dosage are major factors behind Russia’s highest trade deficits by product. Netherlands, Turkey and the United Kingdom are the top 3 trade partners at the expense of which Russia earned the highest positive trade balances.

Russia’s overall trade surplus incorporating all products and countries equaled US$103.9 billion in 2020, down -51.1% from the $212.3-billion surplus for 2013. Year over year, the most recent $103.9 billion in black ink represents a -41.9% decrease from the $179-billion surplus that Russia earned during 2019.

To put Russia’s $103.9 billion trade surplus metric into further perspective, the country’s total external debt encompassing both public and private red ink equaled -$470.1 billion at January 2021. Russia’s external debt is over 4 times the size of its positive international trade balance.

Top Russian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $184.1 billion for Russia in its global trade during 2020. Metrics listed below highlight Russia’s strongest competitive advantages over worldwide trading partners.

  1. Crude oil: US$72.4 billion (Down -40.4% since 2019)
  2. Processed petroleum oils: $44.1 billion (Down -33.2%)
  3. Gold (unwrought): $18.5 billion (Up 223.4%)
  4. Coal, solid fuels made from coal: $12 billion (Down -23.4%)
  5. Wheat: $7.9 billion (Up 25.1%)
  6. Platinum (unwrought): $7.8 billion (Up 56.4%)
  7. Petroleum gases: $7.75 billion (Down -17.9%)
  8. Iron or non-alloy steel products (semi-finished): $4.8 billion (Down -18.5%)
  9. Refined copper, unwrought alloys: $4.6 billion (Up 11.7%)
  10. Sawn wood: $4.2 billion (Down -6%)

From 2019 to 2020, 4 of Russia’s top 10 product surpluses rose in value namely gold (up 223.4%), platinum (up 56.4%), wheat (up 25.1%) and refined copper plus unwrought alloys (up 11.7%).

Leading the decliners year over year were Russian trade in: crude oil (down -40.4%), refined petroleum oils (down -33.2%) and coal (down -23.4%).

Product-

The 10 major products below accumulated a deficit subtotal of -$43.8 billion for Russia in international trade during 2020. Russia has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Phone system devices including smartphones: -US$9 billion (Up 6.4% since 2019)
  2. Automobile parts/accessories: -$7.1 billion (Down -12.9%)
  3. Medication mixes in dosage: -$6.5 billion (Down -32.3%)
  4. Computers, optical readers: -$6.1 billion (Up 15.5%)
  5. Cars: -$4.4 billion (Down -29.6%)
  6. Blood fractions (including antisera): -$2.6 billion (Down -8.3%)
  7. Temperature-change machines: -$2.4 billion (Up 39.5%)
  8. Electro-medical equipment (e.g. xrays): -$2.3 billion (Up 10.5%)
  9. Taps, valves, similar appliances: -$1.9 billion (Down -0.9%)
  10. Electric water heaters, hair dryers: -$1.6 billion (Up 6.1%)

Year over year, Russia’s red ink expanded in cost at the fastest pace for temperature-change machines (up 39.5% since 2019), computer including optical readers (up 15.5%) then electro-medical equipment (up 10.5%).

The severest reductions in product deficits belong to medication mixes in dosage (down -32.3%), cars (down -29.6%) and automobile parts or accessories (down -12.9%).

Country+

In 2020, Russia generated a surplus subtotal worth $84.9 billion with the following 10 trading partners.

  1. Netherlands: US$21 billion (Down -48.5% since 2019)
  2. United Kingdom: $19.8 billion (Up 114.5%)
  3. Turkey: $10.4 billion (Down -35.4%)
  4. Kazakhstan: $9 billion (Up 6.1%)
  5. South Korea: $5.3 billion (Down -36.7%)
  6. Poland: $4.7 billion (Down -36.4%)
  7. Finland: $4.2 billion (Down -36.1%)
  8. Belgium: $3.6 billion (Down -18.2%)
  9. Egypt: $3.5 billion (Down -33.7%)
  10. Uzbekistan: $3.4 billion (Up 25.9%)

Increasing from 2019 to 2020 were Russian trade surpluses with United Kingdom (up 114.5%), Uzbekistan (up 25.9%) and Kazakhstan (up 6.1%).

Russia’s positive net exports reduced the most with: the Netherlands (down -48.5%), South Korea (down -36.7%), Poland (down -36.4%) and Finland (down -36.1%).

Country-

Russia experienced a losing international trade relationship with 77 countries, islands or territories during 2020. The following 10 trade partners created a -$25.4 billion deficit subtotal in 2020 from exchanging exports and imports.

  1. China: -US$6 billion (Down -326.6% since 2019)
  2. Germany: -$4.9 billion (Down -266%)
  3. France: -$3.5 billion (Up 67.5%)
  4. Vietnam: -$2.4 billion (Down -8.5%)
  5. United States: -$2.3 billion (Up 833.6%)
  6. Spain: -$1.4 billion (Up 83.9%)
  7. Ireland: -$1.3 billion (Up 7.9%)
  8. Czech Republic: -$1.24 billion (Down -207.1%)
  9. Indonesia: -$1.22 billion (Up 34.1%)
  10. Thailand: -$1.1 billion (Down -6.4%)

Year over year, Russia’s trade deficit with the United States grew the fastest via an 833.6% expansion from 2019 to 2020. Other high percentage increases belong to Spain (up 83.9%), France (up 67.5%) and Indonesia (up 34.1%).

In contrast, Russia trimmed the size of its negative trade balance the most with China (down -326.6%), Germany (down -266%) and the Czech Republic (down -207.1%) over the latest annual period.




 

See also Russia’s Top 10 Imports, Russia Top Trading Partners, Russia’s Top 10 Exports and Russia’s Top 10 Major Export Companies

Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on February 28, 2021

International Trade Centre, Trade Map. Accessed on February 28, 2021

Investopedia, Net Exports Definition. Accessed on February 28, 2021

Trading Economics, Russia Total Gross External Debt , Summary. Accessed on February 28, 2021

Wikipedia, Economy of Russia. Accessed on February 28, 2021