Today, commercial transactions with the U.S. accounts for less than 4 percent of Russia’s foreign trade. For the U.S., trade with Russia accounts for less than 1 percent of all international trade.

The volume of trade between Russia and the United States in 2009 has decreased significantly as a result of the world-wide economic crisis and the consequences it held in store for both countries. According to the Foreign Trade Division of the U.S. Census Bureau, in 2009, the volume of trade was only USD 21.7 billion, compared to the figure of USD 36.11 billion for 2008.

The trade turnover figure started to decline at the end of 2008 as a result of plummeting oil and metals prices. The demand for Russian goods abroad fell, as has the demand for foreign goods in Russia. Oil, refined petroleum products, and gas account for roughly 2/3 of all Russian exports to the American market. 

The consequences of the decline were felt for all types of goods. In particular, the imports of Russian fuel into the U.S. decreased by nearly 30 percent. America’s imports of metals and chemical products fell by a half, while the imports of other mineral resources went down by a third.   

Against the backdrop of these negative trends, it seems quite surprising that the shipments of Russian-made machinery and equipment actually went up. Imports of Russian liquors and tobacco products have also increased.

As for America’s trade with Russia, the largest component of U.S. exports – cars, machinery, and equipment – declined by more than two times. Shipments of American food products and chemicals to Russia also decreased. 

The situation has become stable in the final months of 2009, and we can at least be sure that no further deterioration in Russian-American economic relationship will take place.

A record in the expansion of Russian-American trade occurred in 2008. Compared to 2007, the trade turnover increased by more than USD 10 billion. 

Even when the trade figures were that high, the United States took only the 8th place among Russia’s biggest trading partners. Today, commercial transactions with the U.S. accounts for less than 4 percent of Russia’s foreign trade. For the U.S., trade with Russia accounts for less than 1 percent of all international trade.

These numbers make it clear that the potential for developing Russian-American commercial relations has not been realized by any means. Post-crisis recovery gives impetus for both Russian and American companies to search for new partnerships and opportunities to work together.