Russia Trade Analysis

 

The Russian Federation in Eastern Europe and Northern Asia is one of the largest economically developing regions globally. It occupies a land area of 17 million square kilometers and holds a population of 146 million people which records itself as the most populous nation of the European region. The ethnicity of the cultural tradition of the country is influenced by the different ethnic groups including the Byzantine Empire. The population residing there practices Russian as their official language followed by several other natives such as Tatar, Chechen, Bashkir, and Ukrainian. It follows the tradition of Russian Orthodox Christianity accompanied by some other religions like Islam, Buddhism, and Judaism.

Apart from its diverse cultural traditions, the trade rate of the nation is the point of attraction that grabs attention towards it. The country mainly trades its products with China, Germany, Italy, Turkey, and Belarus to account for its acquired trade revenue generation. Different attributing factors along with the investment rates of the government and the strategic geographical location have recorded a GDP of 1.9 trillion US Dollars in 2023 with a significant growth rate of 5% from the annual revenue generation of past years.

Top Trades of Russia 2023

The globally thriving Russian economy is mainly because of the balanced trade of its imports and exports. The imports of the nation serve the domestic requirements and the exports account for the annual trade revenue generation representing an impressive growth rate in its expanding economy. As per the Russia Customs Data, the top traded products of the nation in 2023 are discussed below,

Imports

• Crude oils (HS code - 15) – The Annual Import Trade Generated Value of Crude oils in 2023 – 120 billion US dollars.

• Cars (HS code - 87)– The Total Annual Import Trade Generated Value of Cars in 2023 – 20 billion US dollars.

• Medicaments (HS code - 30)– The Total Annual Import Trade Generated Value of Medicaments in 2023 – 16 billion US dollars.

• Refined petroleum  (HS code - 27) – The Total Annual Import Trade Generated Value of Refined Petroleum in 2023 – 14 billion US dollars.

• Integrated circuits (HS code - 85) – The Total Annual Import Trade Generated Value of Integrated Circuits in 2023 – 12 billion US dollars.

• Yachts and other boats  (HS code - 89)– The Total Annual Import Trade Generated Value of Yachts and other boats in 2023 – 9 billion US dollars.

• Phone system devices (HS code - 85) – The Total Annual Import Trade Generated Value of Phone system devices in 2023 – 8 billion US dollars.

• Wheat (HS code - 11) – The Total Annual Import Trade Generated Value of wheat in 2023 – 6 billion US dollars.

• Iron ore (HS code - 26) – The Total Annual Import Trade Generated Value of Iron ore in 2023 – 5 billion US dollars.

• Pharmaceutical products (HS code - 29) – The Total Annual Import Trade Generated Value of pharmaceutical products in 2023 – 4 billion US dollars.

Exports

• Crude oil (HS code - 15) – The Total Annual Export Trade Generated value of Crude oil in 2023 – 200 billion US dollars.

• Natural gas (HS code - 27) – The Total Annual Export Trade Generated value of Natural gas in 2023 – 50 billion US dollars.

• Refined petroleum products (HS code - 27) – The Total Annual Export Trade Generated value of Refined petroleum products in 2023 – 40 billion US dollars.

• Coal (HS code - 27) – The Total Annual Export Trade Generated value of Cars in 2023 – 20 billion US dollars.

• Iron ore (HS code - 26)– The Total Annual Export Trade Generated value of Iron ore in 2023 – 15 billion US dollars.

• Wheat (HS code - 10)– The Total Annual Export Trade Generated value of Wheat in 2023 – 10 billion US dollars.

• Aluminum (HS code - 76)– The Total Annual Export Trade Generated value of Aluminum in 2023 – 8 billion US dollars.

• Fertilizers (HS code - 31)– The Total Annual Export Trade Generated value of Fertilizers in 2023 – 5 billion US dollars.

• Pharmaceuticals (HS code - 29)– The Total Annual Export Trade Generated value of Pharmaceuticals 2023 – 4 billion US dollars.

• Machinery and equipment  (HS code - 84)– The Total Annual Export Trade Generated value of Machinery and equipment in 2023 – 3 billion US dollars.

Top 5 Fascinating Facts of Russian Trade 2023

The rapidly evolving Russian economy is ranking mainly because of the import and export trade rates of the nation. The globally thriving industries account for the exports of machinery and agricultural goods catering to the annual generated economic revenue. As per the Russia Trade Data, the top 5 fascinating facts of the Russian trade in 2023 are discussed below,

• Petroleum Exports – The mining industries are leading the trade industry of Russia by accounting for a huge share in annual revenue. The country has exported minerals such as Crude petroleum, Refined Petroleum, and Coal worth 139 billion US dollars, 70.8 billion US dollars, and 18 billion US dollars in 2023.

• Expanded Global Reach – The quality-equipped products of Russia are in high demand due to their longer shelf life. The country has traded products worth 107 billion US dollars, 47 billion US dollars, 42 billion US dollars, and 37 billion US dollars with China, Germany, Netherlands and Belarus.

• Natural Gas Export – The country is right now a point of attraction for its vast reserves of natural resources. As per the Russia Import Data, the natural gas export of the nation shares around 20% of its annual generated revenue.

• Growth of e-commerce trade – The authorities have built up their trade platforms in the e-commerce sectors to increase their global trade reach and account its annual generated revenue to a positive extent.

• Diversified trading partners – The increased production range of industries and agricultural sectors are inducing different top traders in its trade destination accounting for higher revenue generation for a balanced economic trade says the Russia Export Data.

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