Key Economic Trends
- In 2008, U.S. merchandise trade with Russia rose to its highest level in the past five years, reaching $35.7 billion. Growth in imports outpaced exports, widening the trade deficit and outweighing the decline that occurred between 2006 and 2007.
- In 2008, transportation equipment, agricultural products, and machinery accounted for nearly three-quarters of U.S. exports to Russia. These three sectors also registered the largest absolute shifts. More than one-half of U.S. exports of transportation equipment to Russia in 2008 were motor vehicles; the Russian passenger vehicle market is growing rapidly and is forecast to be the largest market in Europe by 2012. The United States was the second-largest foreign supplier of agricultural machinery to Russia in 2008, when higher food prices and a government initiative to help local farmers replace equipment boosted demand for U.S.-built tractors.
- In 2008, U.S. imports of energy-related products and chemicals were responsible for virtually all of the increase in imports from Russia. A steep rise in the prices of petroleum products and crude petroleum in 2008 was the primary driver of this increase, as the quantity of U.S. imports of the major products in these sectors (energy-related products and fertilizer) registered only minor changes by volume.
Trade Shifts in 2008 from 2007
- U.S. trade deficit: Increased by $5.3 billion (43 percent) to $17.8 billion
- U.S. exports: Increased by $2.3 billion (34 percent) to $8.9 billion
- U.S. imports: Increased by $7.6 billion (40 percent) to $26.7 billion
Other Government Resources