Russia’s trade with US 3.25 times smaller than China’s

Russia’s Federal Customs Service announced that trade between Russia and the United States grew by 24.6 percent from January to May 2017. The US share in Russian total volume of external trade turnover amounted to around 4 percent. The bilateral trade turnover reached USD 8.7 billion with a negative trade balance of USD 900 million for Russia.

With an average USD 1.74 billion per month, there’s still a long road ahead for US-Russia trade to catch up with the 2014 levels at USD 2.42 billion per month from a total USD 29.1 billion for the year 2014 – that is 39% more than 2017’s annual projection – before the West and Russia enforced sanctions on each other because of the Ukrainian conflict.

In comparison, US-China bilateral trade reached a total 648.2 billion for 2016 that is USD 472 per capita, far less than US-Russia bilateral trade currently at USD 145 per capita – 3.25 times smaller.

From a data viewpoint, the US Census Bureau announced a total USD 9.1 billion in bilateral trade in goods turnover but contradicts with Russian data since it gave a USD 4.27 billion negative trade balance for the United States with exports and imports respectively at USD 2.42 billion and USD 6.70 billion.

Comment

Your email address will not be published. Required fields are marked *