US-Russia Bilateral Trade: What products does the US import from Russia?

One of the key relationships in the world of trade is that between the United States and Russia. As two of the largest economies in the world, their bilateral trade relationship is both substantial and complex. The United States and Russia have a long history of engaging in trade, dating back to the early days of the Cold War. Over the years, their trade relationship has evolved and expanded, encompassing a wide range of goods and services. According to the US import data, the total value of US imports from Russia accounted for $3.27 billion in 2024, with a slight decline of 34% from the previous year.

In 2024, the total volume of bilateral trade between the US & Russia amounted to over $3.80 billion, with the US importing a significant portion of goods from Russia. In this article, we will take a closer look at the products that the US imports from Russia, shedding light on this important aspect of their bilateral trade relationship.  

Top US Imports from Russia: Biggest products that the US imports from Russia

When examining the top US imports from Russia, several key products stand out as significant contributors to the trade relationship between the two countries. As per Russia customs export data for 2024, among the biggest products that the US imports from Russia are fertilizers, metals and minerals such as iron, steel, and precious metals, as well as coal. These imports play a vital role in various industries across the United States and underscore the interdependence of the global economy. The top 10 goods that the USA imports from Russia, as per the US shipment data and US- Russia trade data for 2024, are: 

1. Fertilizers (HS code 31): $1.30 billion

Fertilizers are one of the major products that the US imports from Russia, by HS code and as per data on Russia exports to US, so basically it accounting a significant portion of the total import value.With a share of 39.74%, fertilizers play a crucial role in the agricultural sector in the United States.

2. Precious stones and metals (HS code 71): $878.43 million

Russia is known for its abundance of precious stones and metals, which makes it a major exporter of these commodities to the US. With an import share of 26.85%, these products hold a significant value in the US market.

3. Inorganic Chemicals (HS code 28): $695.71 million

Inorganic chemicals are essential for various industries, and Russia is a key supplier of these products to the US. With an import share of 21.27%, inorganic chemicals contribute significantly to the US economy.

4. Wood and articles of wood (HS code 44): $89.44 million

Wood and articles of wood are also among the top products imported from Russia to the US, with an import share of 2.74%. These products find applications in construction, furniture, and other industries.

5. Nuclear reactors and machinery (HS code 84): $80.81 million

Russia is renowned for its expertise in nuclear technology, and the US imports nuclear reactors and machinery worth $80.81 million, with an import share of 2.47%. These products play a crucial role in the energy sector.

6. Prepared animal food (HS code 23): $39.90 million

Prepared animal food is another significant import from Russia, with an import share of 1.22%. These products are essential for the livestock industry in the US, providing nutrition for animals.

7. Other base metals (HS code 81): $37.30 million

Other base metals are imported from Russia to the US, with an import share of 1.14%. These metals find applications in various industries, including manufacturing and construction.

8. Aircraft, spacecraft & parts thereof (HS code 88): $34.86 million

Aircraft, spacecraft, and parts thereof are also imported from Russia, with an import share of 1.07%. These products are crucial for the aviation and aerospace industries in the United States.

9. Iron and steel (HS code 72): $13.17 million

Iron and steel products are imported from Russia, with an import share of 0.40%. These materials are used in construction, manufacturing, and other industries in the US.

10. Oil seeds and oleaginous fruits (HS code 12): $10.13 million

Oil seeds and oleaginous fruits are among the top 10 products imported from Russia, with an import share of 0.31%. These products are used in the food and agriculture industries in the United States.

US Imports from Russia in the Last 10 Years: Yearly US-Russia Bilateral Trade Data

Biggest Product Categories for US Imports from Russia

Energy Products

One of the key categories of products that the US imports from Russia is energy products. Russia is one of the world's largest producers of oil and natural gas, and a substantial amount of these products find their way into the US market. In recent years, the US has been importing large quantities of Russian crude oil, natural gas, and petroleum products to meet its energy needs.

Metals and Minerals

Another important category of products that the US imports from Russia is metals and minerals. Russia is rich in natural resources, including metals such as aluminum, copper, and nickel, as well as minerals such as diamonds and gold. These products are in high demand in the US for various industrial and manufacturing purposes, leading to significant imports from Russia.

Agricultural Products

Agricultural products also form a significant part of the US imports from Russia. Russia is known for its vast agricultural lands and produces a wide variety of food products, including wheat, barley, and sugar. These products are imported by the US to meet the demand of its consumers and to ensure food security.

Machinery and Equipment

In addition to energy products, metals, and agricultural goods, the US also imports machinery and equipment from Russia. Russian-made machinery, such as industrial equipment, vehicles, and electronics, is exported to the US to cater to the needs of various industries and businesses. These products are known for their quality and competitive pricing, making them popular imports from Russia.

A Detailed Breakdown of US-Russia Bilateral Trade

• Sharp Decline

U.S. exports to Russia have sharply decreased, dropping 90% in 2023 compared to 2021, the year before Russia invaded Ukraine. Bilateral trade between the US and Russia has drastically declined, reaching a two-decade low.

• Trade Turnover 

In July 2023, the total trade turnover between the US and Russia was $277.3 million, an 11-fold fall from February 2022. The US and other countries' sanctions and export restrictions in reaction to Russia's invasion of Ukraine are mostly to blame for this fall.

• Export Controls and Sanctions

The U.S. government has imposed additional export controls and sanctions on Russian individuals and businesses, which has had a major effect on bilateral commerce.

• Trade in Goods

In 2024, the United States imported $3.27 billion worth of goods from Russia, a 34.2 percent decrease or $1.6 billion less from 2023. In 2024, U.S. goods exports to Russia totaled $526.1 million, a decrease of $73.5 million or 12.3% from 2023, as per US export data. 

• Historical Context

Since monthly data started to be released in the early 2000s, trade levels have never been lower than they are now.

• Effect on US Exporters

American exporters doing business in the Russian market are greatly impacted by the sanctions and export restrictions.

• Bilateral Agreements

The United States has worked to improve Russia's intellectual property rights (IPR) protection and has negotiated trade agreements to grant Russia Normal Trade Relations (previously known as most-favored nation, or MFN) tariff status.

Challenges and Opportunities

While the US imports a diverse range of products from Russia, the trade relationship between the two countries is not without its challenges. Political tensions, economic sanctions, and regulatory barriers can sometimes impede the smooth flow of trade between the US and Russia. However, there are also opportunities for both countries to deepen their trade ties and explore new areas of cooperation.

Conclusion

In conclusion, the US imports various products from Russia, ranging from energy products and metals to agricultural goods and machinery. Despite the challenges that exist in the US-Russia bilateral trade relationship, both countries continue to engage in trade and explore opportunities for further cooperation. By understanding the products that the US imports from Russia, we gain valuable insights into the dynamics of their trade relationship and the potential for future growth and collaboration.

Visit USImportdata for more about market trends and exclusive trade insights on US-Russian trade. Contact us at info@tradeimex.in for a list of top US importing companies that import goods from Russia.