Russia, better known as the Russian Federation, is the biggest country in the world that covers almost one-eighth of the inhabitable land available on the Earth. This country is also referred to as a trans-continental nation as it is spread across the Eastern part of Europe to the Northern end of Asia. Russia is at position 9 in the list of the most populous countries of the world.
Russia comes with a market economy and the nation is rich in oil and natural gas resources. The nation is the 9th biggest nation as per nominal GDP. The nation is not dominated by the agricultural sector (5% of total GDP); hence the industrial sector of the country is 32% of total GDP. As per official reports, Russia was the 10th largest exporter and 21st largest importer in the year 2021.
IMPORT AND EXPORT TRENDS OF THE RUSSIAN FEDERATION
Below mentioned is a statistical table that will help you understand how the Russia Trade Data report has performed in the past few years. This will give you a clear idea that what kind of trend is going to be followed in the upcoming years also.
IMPORT AND EXPORT TRENDS (2017-2021)
YEAR IMPORTS EXPORTS TOTAL
2017 USD 226.96 billion USD 357.08 billion USD 584.04 billion
2018 USD 238.15 billion USD 449.34 billion USD 687.49 billion
2019 USD 243.78 billion USD 422.77 billion USD 666.55 billion
2020 USD 231.66 billion USD 337.10 billion USD 568.76 billion
2021 USD 293.50 billion USD 492.31 billion USD 785.81 billion
As observed from the table above, as per the values registered in the Russia Customs Data report for the past five years, the nation has successfully been able to maintain a trade surplus in all the years with a decent margin. Along with the trade surplus, the values of the Russia Import Data report, as well as the Russia Export Data report have also grown due to which the total trade to and from Russia increased by 34.54% from 2017 to 2021.
TOP 10 IMPORTS OF RUSSIA IN THE YEAR 2022
As indicated in the Russia Import Data report for the year 2022, the nation imported goods worth USD 182.52 billion. Amongst all the imports made, the top 10 major imported items from the world by Russia were as follows:
· Machines and appliances (USD 33.71 billion)
· Electrical equipment and gadgets (USD 19.92 billion)
· Automobiles (USD 14.22 billion)
· Medical products (USD 13.35 billion)
· Plastic items (USD 8.48 billion)
· Optical, photographic, and precision tools (USD 6.52 billion)
· Organic chemicals (USD 5.20 billion)
· Edible fruits and nuts (USD 4.42 billion)
· Footwear (USD 3.25 billion)
· Clothing, apparel, and merchandise (USD 3.09 billion)
Other major imports of the nation were beverages, aluminum products, and precious stones.
TOP 10 EXPORTS OF RUSSIA IN THE YEAR 2022
Similar to the imports, Russia exported numerous products too across the globe. As per the Russia Export Data report for the year 2022, the nation exported goods worth USD 501.28 billion. Out of the exports, the major exports that contributed the most to total exports were as follows:
· Mineral fuels and oils (USD 348.34 billion)
· Iron and steel (USD 21.49 billion)
· Fertilizers (USD 17.35 billion)
· Natural and precious stones (USD 16.85 billion)
· Aluminum products and items (USD 9.96 billion)
· Wooden articles and tools (USD 8.55 billion)
· Small aquatic animals (USD 7.78 billion)
· Cereals (USD 7.24 billion)
· Copper products (USD 7.15 billion)
· Inorganic chemicals and compounds (USD 5.80 billion)
Other major exports from Russia to the world in the year 2022 were nickel items, plastic products, and organic chemicals.
CONCLUSION
Russia is the major exporter of fuels and crude oil the most. Most of the exports from the nation to the world are of crude oil and fuels. Despite numerous trade policies and sanctions levied on the nation, Russia is able to export this category to the world. We believe that Russia has a bright future in the production and supply of crude oil.
We also believe that as Russia is able to maintain a trade surplus every year, the economy of the nation is green and growing rapidly. The standard of living is high with an adequate supply of resources and services.
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