Page 59 - RusRPTOct23

5.2 Balance of payments, current account 5.2.1 Import/export dynamics
● Partners & regions
Trade between Russia and the United States has plummeted to a historic low, as reported by the US Census Bureau, amidst Moscow's increasing isolation from Western nations in light of its Ukraine invasion. In the most recent available data from July 2023, Russian-US trade turnover stood at $277.3mn. This figure represents a dramatic 11-fold decline from the levels recorded in February 2022, as per an analysis conducted by Russia's news outlet RBC. The trade of goods during July hit its lowest point in over two decades, with records dating back to at least the early 2000s when monthly data was first published. Russian exports accounted for the majority of the turnover, amounting to $241.7mn, constituting nearly 90% of the total. In contrast, US exports dwindled to a mere $35.6mn.
Russia has become Turkey’s largest exporter, the Turkish Statistical Institute (TUIK) said. Turkey’s imports from Russia totaled $28.38bn in January-July. Russia was followed by China ($26.84bn), Germany ($16.27bn), Switzerland ($14.24bn), and the US ($9.14bn) in the reporting period. Imports from those countries amounted to 43.8% of the total volume. Russia’s share stood at 11.3%. Meanwhile, in July Russia was the second-largest supplier to Turkey after China with supplies of goods and services from China and Russia worth $4.6bn and $3.65bn, respectively, according to the Turkish statistics.
Trade between Russia and Kazakhstan exceeded 1.5 trillion rubles ($15.6bn) in January-July, Russian Prime Minister Mikhail Mishustin said at a meeting with President of Kazakhstan Kassym-Jomart Tokayev.
59 RUSSIA Country Report October 2023 www.intellinews.com