Russia’s total trade turnover saw a significant year-over-year growth of 17.5 percent to nearly $688 billion as of the end of 2018, according to data published by the Russian Ministry of Economic Development.
The report showed that exports from Russia totaled some $450 billion, marking a surge of 25.6 percent, while imports saw a modest growth of 4.7 percent to some $238 billion. Share of exports increased to 65.4 percent against 61.1 percent in 2017 while the share of imports declined from 38.9 percent to 34.6 percent.
Below, you can find Russia’s top five key trading partners of 2018.
Trade turnover between Russia and Italy amounted to $27 billion, marking a 12.7 percent growth against the previous year. So far, Russia’s Ministry of Economy has yet to reveal detailed data about the structure of export-and-import ties with Italy.
The latest statistics published by Russia’s web portal of foreign economic information shows that in 2017 mutual trade between the countries totaled $23.94 billion, marking a significant growth against $19.813 billion reached in the previous year.
Russian goods exported to Italy include oil and petrochemicals, iron and nonferrous metals, chemical products, wood, machinery and electrical equipment, vehicles, agricultural and food products, fur and leather goods. Italy reportedly sold machinery and electrical equipment to Russia, as well as chemicals and petrochemicals, clothes, farm and food produce, furniture and bedclothes, shoes, metals and other goods.
In 2018, Russia’s mutual trade with its western neighbor saw an 11-percent year-on-year increase to $34 billion. The ministry noted that the surge was mostly accounted for by growing exports of energy commodities to Belarus.
According to the Belarusian national statistical portal, the country sold 854,000 tons of coal to neighboring Ukraine. The anthracite exported to Ukraine was reportedly purchased from Russia, as Belarus doesn’t mine coal on its territory.
3. The Netherlands
Russia’s trade turnover with the Netherlands saw a significant surge of more than 19 percent and totaled $47.2 billion. The export growth was reportedly due to increased sales of energy commodities and raw aluminum.
Mutual trade between Russia and Germany amounted to $59.6 billion, marking a surge of 19.3 percent against the previous year. Exports grew by a record 14.6 percent to more than $40 billion, while imports from Germany totaled some $30 billion, marking an increase of only 0.8 percent.
Meanwhile, Russia’s bilateral trade with the European Union totaled $294.2 billion, representing 42.8 percent of the country’s entire turnover. Exports to the bloc reportedly surged 28.3 percent, while imports saw modest growth of 7.7 percent.
Last year, China managed to become Russia’s number one trading partner, leaving the others far behind. Trade turnover between the neighbors reached $108.3, fixing a record growth of 24.5 percent. Exports of Russian goods reportedly increased by 44 percent and amounted to $56 billion.
The growth occurred mostly in sales of crude oil, refined copper and petrochemicals, according to the Economy Ministry.