Russia or the Russian Federation is a country spanning Eastern Europe and Northern Asia. It is the largest country in the world, covering over 17,125,191 square kilometers, and encompassing one-eighth of Earth’s inhabitable landmass. Russia extends across eleven time zones, and has the most borders of any country in the world, with sixteen sovereign nations. It has a population of 146.2 million and is the most populous country in Europe, and the ninth most populous country in the world. Moscow, the capital, is the largest city in Europe while Saint Petersburg is the second largest city and cultural center. Russians are the largest Slavic and European nations; they speak Russian, the most spoken Slavic language, and the most spoken native language in Europe.
Russia’s Top 10 Imports
The Russian Federation imported 231.6 billion dollars worth of goods from around the globe in 2020, up by 27 percent since 2016 but down by minus 5 percent from 2019 to 2020.
Based on the average exchange rate for 2020, the Russian ruble has depreciated by minus 7.5 percent against the US dollar since 2016 and declined by minus 11.4 percent from 2019 to 2020. The Russian Federation’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive when converted starting from Russian rubles.
From a continental perspective, 44.8 percent of Russia’s total imports by value in 2020 were purchased from fellow European countries. Asian trade partners generated 44.3 percent of import sales to Russia while 6.5 percent worth originated from North America. Smaller percentages came from Latin America which stands at 2.7 percent excluding Mexico but including the Caribbean, Africa with 1.1 percent, and Oceania with 0.4 percent led by Australia.
Given Russia‘s population of 146.8 million people, its total 231.6 billion dollars in 2020 imports translates to roughly 1,600 dollars in yearly product demand from every person in the vast Eurasian country.
The following product groups represent the highest dollar value in Russia’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Russia.
Machinery including computers: 43.1 billion dollars which stands at 18.6 percent of total imports
Electrical machinery, and equipment: 30.2 billion dollars representing 13 percent.
Vehicles: 18.4 billion dollars which stands at 7.9 percent
Pharmaceuticals: 10.8 billion dollars representing 4.7 percent
Plastics, plastic articles: 9.3 billion dollars representing 4 percent
Optical, technical, and medical apparatus: 8.1 billion which represents 3.5 percent of total imports.
Articles of iron or steel: 5.6 billion dollars which indicates 2.4 percent
Fruits, nuts: 5.3 billion dollars representing 2.3 percent
Organic chemicals: 4.6 billion representing 2 percent
Clothing, accessories not knit or crochet: 3.9 billion dollars which represents 1.7 percent.
Russia’s top 10 imports accounted for roughly three-fifths or 60.1 percent of the overall value of its product purchases from other countries.
Optical, technical, and medical apparatus represent the fastest growing Russian import category, up 11.2 percent from 2019 to 2020. In second place were imported articles made from fruits and nuts via its 3 percent improvement, trailed by the 2.8 percent gain for organic chemicals.
Leading the decliners among Russia’s top 10 import categories year over year were: items made from iron or steel down by minus 13.7 percent, vehicles down by minus 22.5 percent, and pharmaceuticals down by minus 23.2 percent.
Russia’s Top 10 Exports
Occupying Northern Asia and a large part of Eastern Europe thus making Russia the world’s biggest area by geographic area, Russia shipped 335.5 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 17.5 percent increase since 2016 but a minus 20.7 percent setback from 2019 to 2020.
Based on the average exchange rate for 2020, the Russian ruble has depreciated by minus 7.5 percent against the US dollar since 2016 and declined by minus 11.4 percent from 2019 to 2020. The Russian Federation’s weaker local currency makes Russian exports paid for in stronger US dollars relatively less expensive for international buyers.
Russia’s biggest export products by value in 2020 were crude oil, refined petroleum oils, gold, coal, and wheat. In aggregate, those major exports accounted for 46.6 percent of overall export sales from Russia. That percentage suggests a relatively concentrated range of exported goods.
Russia is the world leader in exporting wheat and ranks among the top global sales of crude oil, refined petroleum oils, and coal.
The latest available country-specific data shows that 63.4 percent of products exported from Russia were bought by importers in China with 14.6 percent of the global total, the Netherlands with 7.4 percent, the United Kingdom with 6.9 percent, Germany with 5.5 percent, Belarus with 4.8 percent, Turkey with 4.6 percent, Kazakhstan with 4.2 percent, South Korea with 3.7 percent, the United States with 3.3 percent, Italy with 3 percent, Poland with 2.8 percent and Japan with 2.7 percent.
From a continental perspective, 49.3 percent of Russia’s exports by value were delivered to fellow European countries while 42.2 percent were sold to importers in Asia. Russia shipped another 3.7 percent worth of goods to North America. Smaller percentages went to Africa which represents 3.5 percent, Latin America excluding Mexico but including the Caribbean which represents 1 percent then Oceania led by New Zealand and Australia represented 0.1 percent.
Given Russia’s population of 146.8 million people, its total 335.5 billion dollars in 2020 exports translates to roughly 2,300 dollars for every resident in the vast Eurasian country.
The following export product groups represent the highest dollar value in Russian global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Russia.
Mineral fuels including oil: 141.3 billion dollars which represents 42.1 percent of total exports
Gems, precious metals: 30.4 billion dollars representing 9 percent
Iron, steel: 16 billion dollars which stands at 4.8 percent
Cereals: 9.5 billion dollars standing at 2.8 percent
Machinery including computers: 8.3 billion dollars which represents 2.5 percent
Wood: 8.2 billion dollars which is 2.5 percent
Fertilizers: 7 billion dollars standing at 2.1 percent
Copper: 5.6 billion dollars representing 1.7 percent
Aluminum: 5.5 billion dollars which is 1.6 percent
Fish: 4.6 billion dollars standing at 1.4 percent
Russia’s top 10 exports accounted for 70.5 percent of the overall value of its global shipments.
Gems and precious metals were the fastest growers among the top 10 export categories, up by 98.9 percent from 2019 to 2020 propelled by greater international sales of gold and platinum. In second place for improving export sales were cereals via a 20.4 percent gain led by wheat and barley. Russia’s shipments of copper posted the third fastest gain in value up by 8.1 percent.
The leading decliner among Russia’s top 10 export categories was mineral fuels including oil thanks to a minus 36 percent drop year over year. That decrease traces back to lower revenues for crude and processed petroleum oils as well as gas and coal.
Russia’s Top Trading Partners
Russia exported 335.5 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 17.5 percent increase since 2016 but a minus 20.7 percent setback from 2019 to 2020.
In addition, that dollar figure represents roughly 1.8 percent of overall global exports estimated at 18.709 trillion dollars one year earlier in 2019.
Officially named the Russian Federation, Russia is the world’s largest country in terms of geographic area. It shares land or maritime borders with 16 other European or Asian countries.
Applying a continental lens, 49.3 percent of Russia’s exports by value were delivered to fellow European countries while 42.2 percent were sold to importers in Asia.
Russia shipped another 3.7 percent worth of goods to North America. Smaller percentages of 3.5 percent also went to Africa, Latin America excluding Mexico but including the Caribbean got 1 percent then Oceania led by New Zealand and Australia also got 0.1 percent.
Here is a list showcasing 15 of Russia’s top trading partners in terms of export sales, revealing which countries imported the most Russian shipments by dollar value during 2020. Also shown is each import country’s percentage consumption of total Russian exports.
China: 48.9 billion dollars which is 14.6 percent of Russia’s total exports
Netherlands: 24.8 billion accounting for 7.4 percent
United Kingdom: 23.2 billion representing 6.9 percent
Germany: 18.5 billion dollars which is 5.5 percent
Belarus: 16 billion dollars which is 4.8 percent
Turkey: 15.5 billion dollars which is 4.6 percent
Kazakhstan: 14 billion dollars representing 4.2 percent
South Korea: 12.4 billion dollars which stand at 3.7 percent
United States: 11 billion accounting for 3.3 percent
Italy: 10 billion that is 3 percent
Poland: 9.5 billion dollars contributing 2.8 percent
Japan: 9.1 billion dollars which is 2.7 percent
Finland: 7.1 billion dollars which is 2.1 percent
Ukraine: 5.9 billion dollars which is 1.8 percent
India: 5.8 billion dollars standing at 1.7 percent
Over two-thirds or 69.1 percent of Russian exports in 2020 were delivered to the previously named 15 trade partners.
The United Kingdom was the sole top import customer to increase their purchases from Russia from 2019 to 2020 via a 74.8 percent uptick.
Leading the decliners were the Netherlands which went down by minus 44.7 percent, Germany which was down by minus 33.9 percent, Italy which was down by minus 30.2 percent, Finland which went down by minus 29.5 percent, and Turkey which went down by minus 26.4 percent.