EU-Russia trade remains at low levels

EU trade with Russia has been strongly affected by import and export restrictions imposed following Russia’s invasion of Ukraine, dropping considerably below levels prior to the invasion, Eurostat reports. Seasonally adjusted values show that Russia’s share in extra-EU imports fell from 9.5% in February 2022 to 1.9% in December 2023, while the share of extra-EU exports fell from 3.8% to 1.4% in the same period.

In March 2022, a peak trade deficit with Russia amounted to €18.6 billion due mainly to high prices of energy products. This deficit was brought down to €0.1 billion in March 2023 and did not change much until December 2023 when it amounted to €0.8 billion. Altogether, natural gas, petroleum oils, iron and steel and fertilisers accounted for around two-thirds of total extra-EU imports from Russia in the fourth quarter of 2023.

Between the fourth quarter of 2021 and the fourth quarter of 2023, Russia’s share in extra-EU imports decreased significantly for petroleum oil and natural gas. Decreases for fertilisers and iron and steel were less pronounced. Imports of petroleum oil from Russia decreased from 28% of all petroleum oil extra-EU imports in the fourth quarter of 2021 to 3% by the fourth quarter of 2023. The EU’s largest petroleum oil suppliers in the same quarter in 2023 in extra-EU imports were the United States (16%), Norway (11%), and Kazakhstan (9%).

Russia’s share in extra-EU imports of natural gas declined from 33% in the fourth quarter of 2021 to 13% in the same quarter of 2023. The EU’s largest natural gas suppliers in the fourth quarter of 2023 in extra-EU imports were the United States (22%), Norway (21%), and Algeria (18%).

Source: EUbusiness