Key Economic Trends
- The U.S. trade deficit with Russia decreased by $5.5 billion (31 percent) to $12.3 billion as decreases in exports were outpaced by import decreases. The global financial crisis that began in the last quarter of 2008 hurt the Russian economy. The resulting drop in global demand, the tightening of credit, and the fall in prices of commodities (especially petroleum products) contributed to an 8 percent decrease in Russia's 2009 gross domestic product (GDP).
- U.S. exports to Russia declined by $3.8 billion (42 percent) to $5.2 billion. The top three U.S. export categories — agricultural products, transportation equipment, and machinery — for the majority of U.S. exports to Russia. Exports in all three product groups fell because of a contracting Russian economy.
- U.S. imports from Russia decreased by $9.3 billion (34 percent) to $17.4 billion. Energy-related products were the largest U.S. import from Russia, decreasing by price as well as volume. The decline in value of U.S. imports of minerals and metals as well as chemicals also contributed to the overall drop in U.S. imports from Russia.
Trade Shifts from 2008 to 2009
- U.S. trade deficit: Decreased by $5.5 billion (31 percent) to $12.3 billion
- U.S. exports: Decreased by $3.8 billion (42 percent) to $5.2 billion
- U.S. imports: Decreased by $9.3 billion (35 percent) to $17.4 billion
Other Government Resources