In this page: Foreign Trade in Figures | Trade Compliance | Standards
The country is fairly open to foreign trade, which accounts for 44% of GDP (World Bank), despite strict laws and policies. Russia became a member of the WTO in 2012, is a member of the Commonwealth of Independent States, which has established a free trade area, and is a member of the Eurasian Customs Union. Russia was the 12th exporter and 27th importer of goods in the world in 2022 (WTO). It mainly exports hydrocarbons (around 40% of total exports), coal, gold, and iron; while imports are driven by telephones (3.9%), parts and accessories for tractors and motor vehicles (3.6%), medicaments (3.2%), and vehicles (2.7% - data Comtrade 2022).
In 2022, Russia's main customers were China (14%), the Netherlands (8.6%), Germany (6%), Türkiye (5.4%), and Belarus (4.7%). Conversely, imports came chiefly from China (24.8%), Germany (9.3%), the United States (5.9%), Belarus (5.3%), and South Korea (4.4% - Comtrade, latest data available). The conflict between Russia and Ukraine resulted in substantial trade redirection for Russia, particularly favouring Russian mineral oil and gas exports from Europe to Asia. The trade adaptations are primarily driven by increases in import prices, with noticeable variations among product categories and geographic areas. Despite the voluntary reduction in gas exports and the oil embargo implemented by EU countries, soaring oil and gas prices, along with the redirection of energy exports to non-sanctioned countries, contributed to record energy export revenues.
The country has recorded significant and regular trade surpluses since 1998, mainly due to the richness of its natural resources, notably hydrocarbons (crude oil and natural gas in particular). The trade surplus makes up easily for the deficit in services and income. According to the latest WTO data, Russia exported USD 588.3 billion worth of goods in 2022 and imported USD 288.3 billion (+19% and -7.7% y-o-y, respectively). In the same year, the country exported USD 49 billion in services (-13%) and imported USD 70.8 billion (-7.1%). Russia’s trade balance was estimated to be positive by 12.6% of its GDP in 2022 by the World Bank, from 9.2% one year earlier. According to preliminary data from the Central Bank of Russia, Russia's current account surplus decreased to approximately USD 50 billion in 2023. The value of goods and services exports declined by 28% during the same period to around USD 460 billion. Conversely, the value of goods and services imports grew by 9% for the entirety of 2023, reaching around USD 380 billion.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 253,876 | 240,088 | 304,013 | 276,511 | 303,786 |
Exports of Goods (million USD) | 419,721 | 333,530 | 494,350 | 592,063 | 423,915 |
Imports of Services (million USD) | 99,000 | 64,748 | 75,933 | 70,853 | 75,395 |
Exports of Services (million USD) | 62,786 | 47,960 | 55,550 | 48,623 | 40,984 |
Source: World Trade Organisation (WTO), Latest data available.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 51.6 | 49.2 | 46.0 | 50.6 | 43.8 |
Trade Balance (million USD) | 195,058 | 165,845 | 93,441 | 190,337 | 314,124 |
Trade Balance (Including Service) (million USD) | 164,976 | 129,328 | 76,653 | 169,955 | 291,566 |
Imports of Goods and Services (Annual % Change) | 2.7 | 3.1 | -11.9 | 19.1 | -15.0 |
Exports of Goods and Services (Annual % Change) | 5.6 | 0.7 | -4.2 | 3.3 | -13.9 |
Imports of Goods and Services (in % of GDP) | 20.8 | 20.8 | 20.4 | 20.7 | 15.6 |
Exports of Goods and Services (in % of GDP) | 30.8 | 28.4 | 25.5 | 29.9 | 28.2 |
Source: World Bank, Latest data available.
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -15.6 | 6.5 | 5.9 | 4.5 | 4.0 |
Volume of imports of goods and services (Annual % change) | 16.0 | 1.5 | 1.9 | 1.7 | 1.9 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
---|---|
China | 14.0% |
Netherlands | 8.6% |
Germany | 6.0% |
Türkiye | 5.4% |
Belarus | 4.7% |
See More Countries | 61.4% |
Main Suppliers (% of Imports) |
2021 |
---|---|
China | 24.8% |
Germany | 9.3% |
United States | 5.9% |
Belarus | 5.3% |
South Korea | 4.4% |
See More Countries | 50.3% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import export flows.
46.4 bn USD of services exported in 2022 | |
---|---|
32.17% | |
21.80% | |
13.80% | |
12.57% | |
12.06% | |
Personal travelPersonal travel | 7.52% |
OtherOther | 55.77% |
Business travelBusiness travel | 4.54% |
2.79% | |
1.75% | |
1.60% | |
0.78% | |
0.67% |
68.6 bn USD of services imported in 2022 | |
---|---|
29.89% | |
Personal travelPersonal travel | 28.20% |
OtherOther | 49.59% |
Business travelBusiness travel | 1.69% |
20.52% | |
19.84% | |
10.72% | |
6.53% | |
6.48% | |
2.77% | |
1.62% | |
1.01% | |
0.61% |
Source: United Nations Statistics Division, Latest data available.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Russian Rouble (RUB) - Average Annual Exchange Rate For 1 EUR | 71.34 | 65.90 | 73.94 | 72.70 | 82.36 |
Source: World Bank, Latest data available.
Find out all the exchange rates daily on our service Currency converter.
To go further, check out our service Shipping documents.
- Technology and innovation zones
- Tourism and recreation zones
- Industrial and production zones
- Logistics (port) zones
Furthermore, the Russian government created a separate but similar program – “Territories of Advanced Development” – with preferential tax treatment and simplified government procedures in Siberia, Kaliningrad, and the Russian Far East.
For more information, please visit the Ministry of Economic Development.
Standards regulation is also covered by the Customs Union. For more information please visit the Customs Union website.
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Latest update: July 2024