Trade turnover between the U.S. and Russia in 2009 has decreased by 36.4%
The volume of the US-Russia trade turnover in the current year has declined significantly in the background of the global financial crisis. According to the FCS statistics, the trade turnover between the U.S. and Russia has amounted to USD 12.7 billion within three quarters of 2009, which is by 36.4% less than in the same period of 2008.
Trade turnover of Russia started to decline in late 2008 due to the falling prices for oil and metals, as well as the Russian demand for the Russian goods abroad and for foreign ones in Russia. Oil and oil products and gas account for about 2/3 of the Russian export.
The decline is observed in nearly all product lines. In particular, the Americans started to import nearly one-third less of the Russian fuel. The American imports of the Russian metals and chemical products has been reduced by more than a half, minerals – by more than three times. Against the general background, attention is drawn to a certain increase in imports of machinery and equipment from Russia to the United States. The Russian beverages and tobacco supplies to in the U.S have also increased.
As to the US exports to Russia, its largest share is made by machinery and equipment, which has decreased by more than 2 times. Exports from the United States to Russia of food and chemical products have significantly declined as well.
In the recent months the situation has stabilized and there is no further deterioration in those indicators.
The positive trade balance has increased in Russia. Thus, in the first nine months of 2009 it amounted to USD 87.8 billion against USD 27.3 billion a year before.
In 2008, the goods turnover has reached its historical peak; as compared with 2007, it increased by 53.2% and amounted to USD 27.3 billion. However, even with that volume of trade, the US took only the 8-th place among the trade partners of Russia. The US share in the Russian foreign trade is less than 4%, while the specific weight of the Russian goods in the US foreign trade is less than 1%. This indicates an underutilization of our foreign trade development.
N.P. Volovik, Head of External Economic Activity Laboratory