As the invasion of Ukraine continues to escalate, the U.S. and other Western have imposed sweeping sanctions against Russia in an attempt to cut off a $1.5 trillion economy from the global marketplace.
Governors from a number of states in the U.S., like Texas, New Hampshire, Ohio Pennsylvania and Utah, have also ordered government-run liquor stores to stop selling Russian-made vodka and distilled spirits in solidarity with Ukraine.
While Russia is well-known as one of the places of origin of the distilled alcohol, vodka from Russia only accounted for 1.2 percent—or $18.5 million of $1.4 billion—of the U.S.' imports in the first half of 2021, according to the Distilled Spirits Council of the United States.
On a greater scale, Russia is among the world's top exporters in wheat and petroleum. For example, Russia and Ukraine account for a third of the global wheat supply.
In 2019, Russia was the 26th largest supplier of goods in the U.S., making up $22.3 billion worth of the nation's imports, according to the Office of the United States Trade Representative.
Most of those imports come from mineral fuels, which are estimated to be worth $13 billion, precious metals and stone worth $2.2 billion, iron and steel worth 1.4 billion, and fertilizers worth $963 million.
Russia is also a key link to agricultural products, like tree nuts, vegetable oils and dairy products. Of the $69 million in agricultural products sent from Russia to the U.S. in 2019, $8 million were in snack foods.
On Monday, traders were faced with a number of supply risks that sent aluminum, iron and wheat surging to highs that haven't been seen in over a decade.
Notably, in Chicago, wheat futures surged nearly 9 percent to $9.34 per 3/4 a bushel, according to Bloomberg.
While Russia does export several billions of dollars worth of goods to the U.S, it is hardly comparable to the nation's largest trade partners, like China, Mexico, Canada, Japan and Germany, WGHP reported.
In 2019, the U.S. imported $452 billion from China, $358 billion from Mexico, $319 billion from Canada, $144 billion from Japan and $128 billion from Germany.
Last week, Biden announced that due to "[Russian President] Putin's war of choice," his country "will face immediate and intense pressure on its economy, and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology."
"This includes cutting off Russia's largest bank from the U.S. financial system—a significant blow to its ability to function and process global trade," he said in a Thursday statement.
The top import categories (2-digit HS) in 2019 were: mineral fuels ($13 billion), precious metal and stone (platinum) ($2.2 billion), iron and steel ($1.4 billion), fertilizers ($963 million), and inorganic chemicals ($763 million). U.S. total imports of agricultural products from Russia totaled $69 million in 2019.
According to a report made by Trading Economics, Russia's main imports include machinery, equipment, vehicles, chemical products, foodstuffs, and agricultural products.
Russia-United States In 2021, Russia exported $27.4B to United States. The main products that Russia exported to United States are Refined Petroleum ($13.2B), Crude Petroleum ($3.77B), and Platinum ($2.4B).
In 2019, Russia sent over about $69 million in agricultural products to the U.S. with $8 million in snack foods making up the lion's share. After, the USTR lists tree nuts ($6 million), other vegetable oils ($3 million), essential oils ($3 million) and other dairy products ($2 million).
Primary exports include oil, metals, machinery, chemicals, and forestry products. Principal imports include machinery and foods. Among Russia's leading trade partners are Germany, the United States, Belarus, Ukraine, and China.
In 2021, of the $29.7 billion in U.S. imports from Russia, the top commodity sectors were Oils and Minerals, Lime, and Cement (59.2%), Base Metals, Iron, Steel, Tools (13.4%), and Stone, Glass, Metals, Pearls (10.1%). In 2021, 7.9% of U.S. total imports of Oils and Minerals, Lime, and Cement were from Russia.
The most recent exports are led by Crude Petroleum ($113B), Refined Petroleum ($81.8B), Petroleum Gas ($37.7B), Coal Briquettes ($19.1B), and Gold ($19.1B). The most common destination for the exports of Russia are China ($70.9B), Netherlands ($39B), United States ($27.4B), United Kingdom ($24.7B), and Italy ($22.2B).
Russia and the United States maintain one of the most important, critical and strategic foreign relations in the world. Both nations have shared interests in nuclear safety and security, nonproliferation, counterterrorism, and space exploration.
The resulting total net petroleum imports (imports minus exports) were about -1.26 million b/d, which means that the United States was a net petroleum exporter of 1.26 million b/d in 2022. The top five source countries of U.S. gross petroleum imports in 2022 were Canada, Mexico, Saudi Arabia, Iraq, and Colombia.
Wheat ranks third among U.S. field crops in planted acreage, production, and gross farm receipts, behind corn and soybeans. In 2022/23, U.S. farmers are estimated to have produced a total of 1.65 billion bushels of winter, spring, and durum wheat from a harvested area of 35.5 million acres, a record low.
In 2018, of the $1.4 billion in U.S. imports from Ukraine, the top commodity sectors were Base Metals (68.4%), Agriculture (9.3%), and Machinery and Mechanical Appliances (5.7%).
Most of the Russian brands exported to the United States aren't very recognizable, but there may be a few familiar ones such as Fabergé jewelry, Kaspersky cybersecurity and antivirus software, and Aeroflot, better known as Russian Airlines.
In 2021, United States imported $9.94B in Fertilizers, mainly from Canada ($3.8B), Russia ($1.04B), Saudi Arabia ($634M), Jordan ($601M), and Qatar ($436M).
The most widespread vegetables are cabbage, potatoes, and beets. Cabbages were used in shchi (there are over 60 types of shchi), sauerkraut, stewed cabbage, borscht, and pierogies, while beets were most popular in borscht, cold soups, and vinaigrette salads.
Cereals and legumes were the most exported agricultural commodity from Russia, amounting to over 11.4 billion U.S. dollars in 2021. Fats and oils followed, with nearly 7.3 billion U.S. dollars worth of those commodities exported from the country over the same period.
Nonferrous metals are available in great variety from many districts, but by far the most important are those of the Ural region, which is Russia's main centre of nonferrous metallurgy. Russia is a major producer of cobalt, chrome, copper, gold, lead, manganese, nickel, platinum, tungsten, vanadium, and zinc.
As one might expect, China has been the top buyer of Russian fossil fuels since the start of the invasion. Russia's neighbor and informal ally has primarily imported crude oil, which has made up more than 80% of its imports totaling more than $55 billion since the start of the invasion.
Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude. Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021.
Russian main exports are energy (oil and petroleum products, gas, coal), rolled steel, ferrous and nonferrous metals and minerals. The greater part of Russian exports belongs to oil and petroleum products. Other leading exports are natural gas, timber, fertilizers, machinery and equipment, armaments.
Agricultural products are Ukraine's most important exports. In 2021 they totaled $27.8 billion, accounting for 41 percent of the country's $68 billion in overall exports. Ukraine is normally the world's top producer of sunflower meal, oil, and seed and the world's top exporter of sunflower meal and oil.
Exports The top exports of Russia are Crude Petroleum ($113B), Refined Petroleum ($81.8B), Petroleum Gas ($37.7B), Coal Briquettes ($19.1B), and Gold ($19.1B), exporting mostly to China ($70.9B), Netherlands ($39B), United States ($27.4B), United Kingdom ($24.7B), and Italy ($22.2B).
Russia's main exports are: fuels and energy products (63 percent of total shipments, of which crude oil and natural gas accounted for 26 percent and 12 percent respectively); metals (10 percent); machinery and equipment (7.4 percent); chemical products (7.4 percent) and foodstuffs and agricultural products (5 percent).
Russia's leading five export partners in 2021 were China, the Netherlands, Germany, Turkey, and Belarus. The value of total exports from Russia to its major trade partner — China — amounted to nearly 69 billion U.S. dollars in 2021.
Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude. Even before Vladimir Putin launched his war on Ukraine, China was already a top buyer of Russian crude, importing 25% of its crude from the country in 2021. That's since climbed to 36%, Kpler data shows.
As one might expect, China has been the top buyer of Russian fossil fuels since the start of the invasion. Russia's neighbor and informal ally has primarily imported crude oil, which has made up more than 80% of its imports totaling more than $55 billion since the start of the invasion.
Wheat that has been exported to developing countries represents 17.7% of the total grain exports, while wheat sent to developed countries accounts for 9.9%. Maize that has been exported to developing countries represents 25.6% of the total exports, while maize sent to developed countries accounts for 24.7%.
The main products exported from Russia to United States were Refined Petroleum ($13.2B), Crude Petroleum ($3.77B), and Platinum ($2.4B). During the last 26 years the exports of Russia to United States have increased at an annualized rate of 7.74%, from $3.94B in 1995 to $27.4B in 2021.
The leading U.S. agricultural exports are grains and feeds, soybeans, livestock products, tree nuts, fruits, vegetables, and other horticultural products. The leading U.S. imports are horticultural and tropical products. Canada, Mexico, the European Union, and East Asia are major U.S. trade partners.
China was the top supplier of goods to the United States, accounting for 18 percent of total goods imports. The top five suppliers of U.S. goods imports in 2019 were: China ($452 billion), Mexico ($358 billion), Canada ($319 billion), Japan ($144 billion), and Germany ($128 billion).
The most recent exports are led by Refined Petroleum ($83.3B), Petroleum Gas ($70.9B), Crude Petroleum ($67.6B), Cars ($55.4B), and Integrated Circuits ($51.3B). The most common destination for the exports of United States are Canada ($259B), Mexico ($247B), China ($151B), Japan ($71.8B), and South Korea ($66.4B).
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