Russia’s Rank As U.S. Trade Partner At 30-Year Low, New Data Shows

Russia now ranks as the United States’ 39th most important trade partner, on track to finish lower than any year since 1992, shortly after it emerged from the dissolution of the Soviet Union.

It was the United States’ 40th most important trade partner that year.

Russian trade is down more than $10.7 billion from the same eight months of 2021, according to the U.S. Census Bureau data released last week.

That’s more than six times the decrease of any country in the world. Russian imports into the United States account for $7.8 billion of that total.

Significantly, for the fourth consecutive month, the United States has had no imports in the refined petroleum category from Russia, nor of oil.

The broad refined petroleum category is particularly telling.

In 2021, Russia was the United States top source in the category, supplying 21% of the total by value. Year-to-date, it remains at 8%. In the case of Russia, the refined petroleum was largely so-called “bunker fuel,” a lower-grade fuel often used in the maritime trades.

Historically, Russia has not been a particularly large supplier of U.S. oil. Nevertheless, the United States imported 3.5% of its oil from there in 2021, a percentage that has dropped to 0.37% year-to-date and, as mentioned, to zero the last four months.

Refined petroleum imports into the United States matter to Russia and President Putin, or they should.

In 2021, refined petroleum imports — again, largely bunker fuel — accounted for 43% of the value of all U.S. imports from Russia, almost 60% of the tonnage. Through August of this year, the percentage is down to 38% by value and 62% by tonnage.

But Russia’s economy, and certainly its export economy, depends on buyers for its oil, gas and natural gas. With the United States and much of Western Europe limiting their petroleum-based trade with Russia — leading to higher prices at the pump and an important factor in inflation — China and India have stepped into the breach.

In August, without oil and refined petroleum, Russia’s largest imports by value were radioactive elements, ferroalloys and fertilizers, accounting for almost 64% of the total. By tonnage, two primary fertilizer categories, nitrogenous and potassic, accounted for more than 74% of the total.

Nevertheless, even without those petroleum-based imports, U.S. trade with Russia is less balanced. In 2021, 82% of all trade with Russia was a U.S. import. So far this year, that total is down to 10%. The U.S. total is 38% exports and 62% imports.

In case you’re curious, U.S. trade with Ukraine is a different matter.

For the fifth consecutive year — and the only five years ever — U.S. trade with Ukraine, while off almost 21% from the record pace last year, topped $2 billion through August.