This is due to a significant fall in fish exports to China (the main importer of Russian fish), which tightened control over such products during the pandemic. Italy - USD 18.9 billion. By 2016, this figure had dropped to $281 billion, before rising to $450 billion in 2018 and then sinking again to $336 billion in 2020. This page displays a table with Russia Exports By Category in U.S. dollars, according to the United Nations COMTRADE database on international trade. Buyers include countries where Russia has won tenders for the construction and maintenance of nuclear power plants: Ukraine, China, the Czech Republic, Bulgaria and India, among others. Tactical Missiles Corporation JSC, a Russian state-owned enterprise that produces missiles used by the Russian Armed Forces in Ukraine. Russias Top Five Trading Partners were responsible for 86.9% of all trade between January-October last year and were as follows; Russia mainly supplies these countries with fuel and energy, metals, and chemical products. With volume growth of 4.6%, the value of exports increased by 48.6% to US$29.3 billion. Metals and metal products accounted for 11.2% of Russias export commodity structure. What Products & Services Is Vietnam Buying From Russia? Canthe countrymake the transition away fromadependence on fossil fuelsandmeet the challenges of the future? This is the first time Russian services exports have been higher than imports since 2017, and the first time that a full quarter (April-June 2021) has exceeded imports since 2001. Overall, the trend appears to be up, although 2020 was marred by the effects of the Covid-19 pandemic. These fluctuations correlate with variations in oil and gas prices. Advisory Commission on Public Diplomacy, Division for Counter Threat Finance and Sanctions, Major supply shortages for Russian forces in Ukraine are forcing Russia to turn to less technologically advanced countries such as. In 2020, oil and gas export revenues accounted for 28 percent of budget expenditure. In 2013, Russian exports amounted to $526billion. Imports and exports in Russia But even if this strategy succeeds, the changes in the Russian economy will onlybecome evident a few years down the road. Russian industrialisation. Unlike other sectors (such as the automotive industry) that stagnated last year, the chemical industry does not have a low base from which to show exponential growth. Specifically, sanctions implemented by the United States along with Allies and partners and allies have immobilized about $300 billion worth of Russian Central Bank assets, limiting the central banks ability to aid the war effort and mitigate sanctions impacts. businesses establish, maintain, The export control measures in this final rule build upon the policy objectives set forth in one of the subsequent rules, a final rule effective on March 3, 2022, and published on March 8, 2022 (87 FR 12856), Expansion of Sanctions Against the Russian Industry Sector Under the Export Administration Regulations (EAR) (Russian Industry Sector . Then there are the Sakhalin Oblast and the Khanty-Mansi Autonomous Okrug, which produce much of Russias oil and gas. In the military sector, the USA could enjoy high benefits, with low costs and risks, by increasing the number of land-based troops from the NATO countries working . Two new Foreign Direct Product (FDP) rules establish controls over certain foreign-produced items. With access to the substantial resources of both the Atlantic and Pacific oceans, marine fishing is particularly well developed, and Russia's fleet of factory ships can process huge catches at remote locations. Stay Ahead of the curve in Emerging Asia. Russia has reverted to Soviet-era defense stocks because our measures have interrupted Russian companies abilities to replenish domestic supply chains. Stay Ahead of the curve in Emerging Asia. Meanwhile, the positive dynamics within IT services is related to two growth drivers, a change in Russias tax regime in this sector and growth in the export of transport services with an increase in the volume of transit traffic. Current job openings: This page displays a table with Russia Exports By Category in U.S. dollars, according to the United Nations COMTRADE database on international trade. Where are China-Germany relations headed? The share of all fossil . Beginning in 2008, the combined effects of the increase in the roundwood export tax to 25% and the global financial crisis contributed to a dramatic decline in export revenue from Russia's forest sector (Figure 2). The country also has an unfavorable investment climate, which prevents the inflow of capital into non-resource, high-tech industries. At the end of Q2 2021foreign purchases in Russias IT service sector was three times more than in the same period last year. The Russian export sector is booming thanks to growing global demand and some new socio-economic policies in the country. In December 2021, it exported 7.8 mb/d, of which crude and condensate accounted for 5 mb/d, or 64%. 2022 Copyright by Geopolitical Intelligence Services AG. We also provide market research and advisory services to foreign exporters interested in Russia as the economy looks to replace Western sourced products. Russia ranks fifth in the world in steel production, according to the World Steel Association (WSA). Moreover, sanctions have prompted banks in several countries to curtail ties with the Russian financial sector. This robust global coalition reinforces U.S. efforts to isolate Russia from commodities, technologies, and software necessary for Putins war. ; 13.4% ($45 billion): 2710 - Petroleum oils and oils obtained from bituminous minerals, other than crude; preparations not elsewhere specified or included, containing by weight 70 % or more of petroleum oils or of oils obtained from . The coal-rich Kemerovo Oblast inSiberia, which contains the Kuznetsk Basin, is in third place. From: To: 106-178; 50 U.S.C . The S&P Global Purchasing Managers' Index (PMI) for Russian services fell to 43.7 in October, tumbling back below the 50 mark, which divides contraction from expansion, after climbing in September . Although in monetary terms food exports are at an all-time high due to soaring prices, export volumes of many products have dropped. The share of chemical products in Russas exports is 7.6% (up from 7.3% in 2020). 2021. Commodities not specified according to kind. Russia is poised to earn nearly $321 billion from its energy exports this year up more than a third compared to the previous year, according to Bloomberg. In this post, we will discuss the top exporting opportunities in Russia for 2022. Overall in Russia, oil and gas provided 39% of the federal budget revenue and made up 60% of Russian exports in 2019. Next on the list are refined petroleum - things like petrol and diesel - at $66.2 billion, gas at $26.3 billion and coal at $17.6 billion. The following is a list some of the exports of Russia. The most recent exports are led by Crude Petroleum ($74.4B), Refined Petroleum ($48B), Petroleum Gas ($19.7B), Gold ($18.7B), and Coal Briquettes ($14.5B). The export sector has played a significant role in the economy of Russia. businesses establish, maintain, In recent years, Russia has become one of the top grain exporters in the world, selling more than $10 billion of the commodity abroad in 2020 (about 3 percent of total exports). Precious stones (especially diamonds) and derived products are also a significant export category. Russia's factories also . Employees work at the assembly line of the Lada . Russia is alsodeveloping concessional financing for export projects. Exports on certain goods and services, including dollar-denominated banknotes, accounting, management consulting, quantum computing, and trust and corporate formation services to persons located in the Russian Federation are now prohibited. India has increased purchases of six-fold year-on-year and exploited the political pressure on Russian. At the same time, Russia does not only need economic reforms, but also the strengthening of the main state institutions that determine the political and public life in the country. is a Czech economist, banker and commentator. Products of fuel and energy complex are currently the main export of Russia. The Russian economy's dependence on oil can only be called precarious. A few effects include: Since February 2022, the United States has issued approximately 1,500 new and 750 amended sanctions listings, including: For further information, visitwww.state.gov. Despite benefiting from high energy prices, the IMF still expects Russias economy will contract by over 3 percent this year. Stone, plaster, cement, asbestos, mica or similar materials, Soaps, lubricants, waxes, candles, modelling pastes, Tobacco and manufactures tobacco substitutes, Milling products, malt, starches, inlin, wheat gluten, Tanning, dyeing extracts, tannins, derivatives, pigments, Dairy products, eggs, honey, edible products, Articles of apparel, not knit or crocheted, Wadding, felt, nonwovens, yarns, twine, cordage, Other made textile articles, sets, worn clothing, Edible fruits, nuts, peel of citrus fruit, melons, Impregnated, coated or laminated textile fabric, Raw hides and skins (other than furskins) and leather, Albuminoids, modified starches, glues, enzymes, Articles of leather, animal gut, harness, travel good, Furskins and artificial fur, manufactures, Carpets and other textile floor coverings, Special woven or tufted fabric, lace, tapestry, Wool, animal hair, horsehair yarn and fabric, Vegetable textile fibers not specified elsewhere, paper yarn, woven fabric, Musical instruments, parts and accessories, Vegetable plaiting materials, vegetable products, Works of art, collectors' pieces and antiques, Live trees, plants, bulbs, roots, cut flowers, Bird skin, feathers, artificial flowers, human hair, Umbrellas, walking-sticks, seat-sticks, whips, Manufacturers of plaiting material, basketwork, Explosives, pyrotechnics, matches, pyrophorics, Arms and ammunition, parts and accessories, Russian Private Sector Activity Shrinks in October, Russian Services Activity Contracts in October, Russia Unemployment Rate Rises from Record Low, Russian Manufacturing Growth at 3-Month Low, Russian 10-Year Bond Yield Rise After CBR, Baltic Exchange Dry Index at Over 1-Week High. Metallurgical Complex Metallurgical Complex of Russia includes the extraction of metal ores, their enrichment, metal smelting, production of roll stock. There are new services coming online too, for example Russian TV series are popular in various markets and educational training for foreign nationals via online courses on mass platforms are also starting to contribute. Russia Exports Download Exports from Russia surged 72 percent from a year earlier to USD 45.93 billion in January of 2022, before the invasion of its neighbor Ukraine and West sanctions. Sanctions and export controls are having significant and long-lasting consequences on Russias defense industrial base. We also provide market research and advisory services to foreign exporters interested in Russia as the economy looks to replace Western sourced products. This has been due to a number of factors, not least being a Covid recovery, but also soft fundamentals as Russia has actively been seeking new export markets, and especially in Asia. Covid And Blockchain Issues Impacting Russia-China Cross-Border Vehicular Trade, 2022, 2022, 2022, , Learn to grow your business and help regrow Asia's forests, Russias 2021 Exports By Sector And Country. Whereas Russias GDP was $2.3 trillion in 2013, by 2019 it had fallen to $1.6 trillion. Germany - USD 23.3 billion. The situation is similarregardingSt. Petersburg, where Gazprom is headquartered. The peculiarities of Russian statistical accounting mean the exports come from where a companys head offices are. The Netherlands - USD 41 billion. Most of Russias exports go to the European Union plus the United Kingdom (about a third), with China the destination for the second-largest share. Metals and . This will grow especially when China agrees tariff reductions with the EAEU Russian service businesses with Chinese-speaking staff will be in demand. As of 2020, Russia accounts for about 2 percent of exports globally, corresponding to the country's abovementioned share of world GDP. By the end of August, the Russian gas industry was producing 25 percent less gas than in August 2021 and nearly 40 percent below the output in January 2022. We have a plan for your needs. Prices for Russian gas supplied to Europe under long-term contracts are linked to oil prices. Moreover, the depreciation of the ruble has made these exports more attractive in Asian and African markets where demand for grain is growing. The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. including the most recent legal, tax and accounting changes that affect your business. Here are the top countries importing Russian goods, in percent of Russias exports, from March 2020 to February 2021: According to official figures, the lions share of the countrys exports comesfrom just a few regions. Aluminum. At the same time, policies laid out from Moscow have also had a significant impact on the development of the IT market in Russia through the fiscal support of the industry. Gas exports account for slightly less than 20% of the total value of energy exports [ 29 ]. Since Russia launched its unjustified and unprovoked all-out war against Ukraine in February 2022, the United States has worked with Allies and partners around the world to impose an unprecedented range of sanctions and export controls on Russia for its brutal aggression. Russia's exports [2] in January-December 2019 amounted to 424,6 billion. At the same time, supplies of motor gasoline decreased by 26.1%, and crude oil by 4.7%. Dive Insight: Russia's export ban comes just days after the U.S. said it would halt oil and energy imports and countries in Europe announced their own sanctions aimed at the financial sector.. Russia has yet to detail the full list of products subject to sanctions, and Thursday's order said restrictions on exports are "necessary to maintain stability on the Russian market." According to the WSA, global steel consumption as of end 2021 with show growth of 4.5%, and this trend will continue in 2022. During these uncertain times and sanctions imposition, our firm assists Russian companies relocate to Asia, and provides financial and sanctions compliance services to foreign companies operating in Russia. Other regions contributions to the countrys exports are negligible. In monetary terms, this represents a 12.3% increase; total revenue amounted to US$127.7 million. In April alone, Russia expects. Denied exports to, reexports to, and transfer within Russia and Belarus of items needed for oil refining. How Will Russian And Asian Trade Develop If The US & EU Put More Sanctions In Place? Russia Briefing is written and produced by Dezan Shira & Associates. The fight against climate change, as manifested in the gradual increase of renewable energy sources, will play a crucial role. However, in the first ten months of 2021, Russia supplied 1.8597 billion decaliters of vodka, up 5.6% against 2020. State CorporationRostec, the cornerstone of Russias defense-industrial base that includes more than 800 entities within the Russian military-industrial complex, such as Sukhoi, MiG, and Kalashnikov Concern. Evgeny Odinokov/ Sputnik. Starting 2017, the source has implemented methodological changes based on SNA 2008, NACE Rev. During these uncertain times and sanctions imposition, our firm assists Russian companies relocate to Asia, and provides financial and sanctions compliance services to foreign companies operating in Russia. The Russian Revolutions of 1905 and 1917 were, in many respects, a consequence of Russian industrialisation. In 2020, the share of renewables in the European Unions electricity mixincreased to 38 percentfrom 34.6 percent the year prior, overtaking fossil fuels for the first time (37 percent). Exports of trucks went up by 11.5% (US$272.6 million). and grow their operations. these included steps to revoke permanent normal trade relations for russia, a ban on the export of luxury goods to russia, a prohibition on the import of goods from several signature sectors of russia's economy - including seafood, spirits/vodka, and non-industrial diamonds - representing over $1 billion of russian imports, and more blocking The following products saw export growth: Meanwhile, supplies of pharmaceutical products declined by 8.3%. Russia and Ukraine combined produce 14% of global wheat and supply 29% of all wheat exports. Russia and Ukraine combined export 76% of global sunflower supplies. As a result, the country could lose former markets for these goods, as has recently happened with weapons sales to India. More. The Russian fuel and energy sector accounts for about 30% of industrial output, for 32% of consolidated revenues, for 54% of the federal budget, for 54% of exports and for 45% of foreign exchange . List of exports of Russia. A period of reform in the late 1800s, led by the policies of Sergei Witte, produced rapid industrialisation across Russia. Russia's aluminum supply makes up for 6% of the global mix, and its exports to the U.S. in 2020 reached $376.04 million. Exports are a crucial part of nearly every countrys economy, and this is especially true for Russia. Russia exports for 2018 was $510.35B, a 24.26% increase from 2017. 2 ), mainly towards Western European countries. The drop in oil exports was caused by the production limits under the OPEC+ agreement and increased domestic consumption. Previous Article Eurasian Economic Union Trade Increases 33% January-May 2021, Next Article Fiat To Produce Vehicles For Emerging Export Markets In Russia . Here are the Top 6 Russian exports by product value. Russian media reports that production of its next-generation airborne early warning and control military aircraft has stalled due to lack of foreign components, including semiconductors. However, overall, Russias balance of foreign trade in services is now in positive territory, which is a positive sign. Along with coal mining, it also has strong metallurgical and chemical industries. Join an event and well donate a tree to reforestation projects, Russian Trans-Continental Rail Freight Doubles In 2021, Eurasian Economic Union Trade Increases 33% January-May 2021, Fiat To Produce Vehicles For Emerging Export Markets In Russia, 2022, 2022, 2022, , Learn to grow your business and help regrow Asia's forests, Russian Service Exports Outstrip Imports For First Time In Four Years. The Russian livestock sector contracted by about half in the 1990s, with annual meat production falling from 7.2 million tonnes in 1991 to 3.6 million tonnes per year in the final four years of the 20th century, Liefert said. The culprit here is mostly the decline in the exchange rate of the Russian ruble to the dollar by more than 200 percent. Russia is still one of the world's largest exporters of softwood. Export product Value 1: Crude Petroleum: 121,443 2: Refined Petroleum: 66,887 3 . But Russia is also the world's largest exporter of wheat, bringing in $8.14 billion from sales in 2019. The archaic structure of the economy is to blame. The city of Moscow accounts for 39.5 percent, even though it does not produce or process any raw materials. Wheat futures had jumped after Russia pulled out of the deal to safeguard Ukraine grain shipments over the weekend. The Central Bank of Russia (CBR) was one of the first central banks to begin tightening monetary policy in 2021 as inflation moved above the CBR's target rate from December 2020. . The following Russian export partners are the most important: China - USD 55.2 billion (Russia biggest export). Meanwhile, industrial production has risen by less than 2 percent per year on average. "The main factor, which had a number of spinoffs, was privatization of the Russian economy and the shift to free . Much here depends on international relations and Russias position isdeteriorating. Russias military aviation program has been cut off from resupply provided by global aviation trade. In the markets for weapons and nuclear technologies, there is stiff competition from both governments and private companies. Individuals and entities located outside Russia who have sought to procure goods and technology for the Russian military-industrial complex and intelligence services. A growing boycott of Russian exports since the invasion has already started to weigh on oil output. Predictably, roundwood exports witnessed the largest declines, from 49.3 million m 3 exported in 2007 to 21.9 million m 3 in 2011 . "A large . EU energy chief says Russia is using natural gas as a weapon. Russian capital has been flowing out of the country for years. By Charles Kennedy - Nov 02, 2022, 11:30 AM CDT Russian exports of liquefied natural gas (LNG) rose in October to their highest level since March, vessel-tracking data compiled by Bloomberg. The people of Russia are waiting to see whether theseprofound changeswill begin in the coming years. The structure of Russian exports in 2020 shows how backward its economy is. With so many opportunities on the table, now is the time for B2B sellers in Russia to get serious about exporting and expand into foreign markets.. Russia's immense wealth of oil and mineral resources allow the country to export large quantities of petroleum, natural gas, and several mined minerals. The countrys other high-tech exports are minimal. In macroeconomic terms, Russia's total exported goods represent 11.1% of its overall Gross Domestic Product for 2021 ($4.447 trillion valued in Purchasing Power Parity US dollars). The entireASEAN blocis also considering an EAEU FTA, while Moscow is also targeting theAfrican continent. Join an event and well donate a tree to reforestation projects, Opportunities For Russian Companies To Sell To China: Russia-China Bilateral Trade To Grow 25% Per Annum From 2021-2024. View this report on the web:https://www.gisreportsonline.com/r/russian-exports-2020/, Document version/created:November 7, 2022. is the academic director of the expert group European Dialogue. 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