In October 2016, the balance of trade in Russia waspositive. It amounted to 6.6 trillion US dollars. The main trading partners of Russia are European countries. Only a third of the exports fall on the states of Asia. Therefore, Russia suffers significant losses because of the sanctions imposed on it by the EU and the US and partial closure of its own market in response to them.
Main factors
Russia is a country with a positive balancetrade balance. However, in 2016 it was only 6.6 trillion US dollars. This is 3.4 trillion less than in 2015. This situation is associated with a significant decline in oil prices and economic sanctions. In 2016, exports fell by 7.6%, and the volume of imports increased by 8.2%. If we consider the first ten months of 2016, then the positive trade balance fell by 45.7%. Export decreased by 22%, and imports - by 2.7%.
For the period from 1997 to 2016, the average balanceThe trade balance is 9.069 trillion US dollars. The maximum value was recorded in January 2012. Then the balance of trade balance was 20.356 trillion US dollars. The minimum value was recorded in February 1998. Then the balance was negative and equaled to -185 million dollars.
The main export trading partners of Russia
The cost of goods and services exported from Russia in 2015amounted to 342 trillion US dollars. This amount represents 9.6% of GDP. Oil and natural gas are the main products for export. Their cost is half the total of Russia's exports. Other products included iron and steel, fertilizers, machines, engines and pumps, precious metals, aluminum, wood, coal and inorganic chemicals. The military-industrial complex also plays an important role.
The main trading partners of Russia areEuropean countries. They account for 57.1% of the value of exports. In the first place are the Netherlands. Export to this country from Russia is 11.9% of the total cost. In the second place - China, 8.3%. Next come Germany and Italy. Their share is 7.4% and 6.5% respectively.
Countries - Russia's trading partners in import
In 2015, the Russian Federation imported goods valued at 193trillion US dollars. The main trade partners of Russia for import are China, Germany, the USA, Belarus and Italy. For export there are such goods as cars, other vehicles, pharmaceutical products, plastic and metal blanks, meat, fruits and nuts, optical and medical equipment, iron, steel.
