BILATERAL TRADE BETWEEN THE TWO SUPERPOWERS OF THE WORLD – THE UNITED STATES AND RUSSIA

 GROUND REALITY OF THE RELATIONS BETWEEN THE UNITED STATES AND RUSSIA

The United States and Russia have one of the most important foreign relations with each other. This relationship is the most critical and strategic relationship in the world. Both nations share and follow the same perspective and thought process toward nuclear security and safety, followed by counterterrorism and nonproliferation.

Based on the reports released in the year 2015, the total exports from the US to Russia have generated jobs for almost 66 thousand people.

The trade relations between the countries are also strong. According to the reports, the total trade that happened between the US and Russia in 2019 totaled approximately USD 35 billion. Exports from the US as per US Export Data were close to USD 11 billion and on the other hand, the US Import Data showed a figure of USD 13.1 billion. Based on the US Export Data for the year 2019, Russia was considered the 40th biggest export partner of the US.

BILATERAL TRADE TRENDS BETWEEN THE USA AND RUSSIA (2018-2022)

BILATERAL TRADE TREND BETWEEN THE USA AND RUSSIA (2018-22)

YEAR

US > RUSSIA

RUSSIA > US

REMARKS

2018

USD 6.65 billion

USD 21.57 billion

The trade deficit for the USA

2019

USD 5.78 billion

USD 23.17 billion

The trade deficit for the USA

2020

USD 4.88 billion

USD 17.77 billion

The trade deficit for the USA

2021

USD 6.38 billion

USD 30.70 billion

The trade deficit for the USA

2022

USD 1.71 billion

USD 15.07 billion

The trade deficit for the USA

It has been observed that in the past 5 years, the United States has experienced a huge trade deficit with Russia as the US Import Data is always more than the US Export Data in the past 5 years.

US EXPORTS TO RUSSIA – DECEMBER 2022

The latest database is here with us which shows the bilateral trade figures and insights about Russia and the US for the month of December 2022.

As per the US Export Data for the month of December 2022, the United States exported goods worth USD 113 million to Russia and in return, imported items worth USD 638 million from Russia. This led to a massive trade deficit for the United States of almost USD 526 million. As mentioned in the US Export Data for the month of December 2022, the following items were exported the most to Russia.

·        Aircraft parts (USD 33.25 million)

·        Motor spare parts (USD 22.9 million)

·        Automobile (USD 18 million)

·        Catalytic products (USD 13.55 million)

·        Medical items (USD 11.65 million)

In the month of December 2022, exports from the United States also decreased than the previous year due to the decline in the exports of low-voltage equipment, spare parts, and tractors.

On the other hand, the United States imported multiple items too from Russia as mentioned in the US Import Data December 2022. The top 5 items amongst them are:

·        Purified oil (USD 724.3 million)

·        Platinum (USD 161 million)

·        Crustaceans (USD 152.5 million)

·        Ferroalloys (USD 134 million)

·        Pig Iron (USD 125.5 million)

In the month of December 2022, the year-wise imports dropped in the United States due to the decrease in the imports of pure petrol, crude oil, and raw aluminum from Russia.

CONCLUSION

In the end, we would like to mention that both super countries of this world enjoy a good trade relationship with each other in terms of imports and exports of goods and services every year.  Just the thing is that the trade relations that were before were stronger than now due to the invasion of Russia in Ukraine. Many countries, including the United States, are boycotting, and banning Russian products as a sign of protest. This in turn has affected exports from Russia to the world. Anyways, we will not go deep into this matter as of now but yes, the relations would become strong in the future when this war will come to an end.

POINT TO REMEMBER AND CONSIDER

We hope you liked our report. If you are looking for a more advanced and detailed US Trade Data report or want a customized plan for yourself, then get in touch with us today and get the most interactive database from us which would help you formulate your strategies.

For any query, drop us a mail at info@tradeimex.in or visit our website https://www.usimportdata.com

 

 

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