World Economy

Drop in Russia-EU Trade

Drop in Russia-EU TradeDrop in Russia-EU Trade

Russia ranked fourth in the list of EU’s top trading partners in 2015, for the first time being replaced by Switzerland that ranked third, according to Russian Dozhd TV Channel, which cited data from Eurostat, the statistical office of the European Union.

The United States with €619 billion ($703.4 billion) or 18% of total EU trade in goods ranked first followed by China with €521 billion, or 15%, Switzerland with €253 billion, or 7% and Russia with €210 billion, or 6%, RT reported.

Trends observed over recent years are however very different for these top trading partners of the EU. After recording a significant and almost continuous fall until 2011, the share of the United States in EU total trade in goods has begun to increase again to reach 18% in 2015.

The share of China has doubled since 2002, rising from 7% to 15% in 2015. Since 2013 the share of Russia in total EU trade in goods has declined sharply to 6% in 2015. The share of Switzerland remained almost unchanged at 7% over the entire time period.

In 2015, machinery and transport equipment, other manufactured goods and chemicals represented the main categories of product in EU international trade with the rest of the world.

As reported, trade turnover between Russia and the European Union began to decline even before the deterioration of relations and the imposition of sanctions, having reached a peak in trade volumes of €338.5 billion in 2012, accounting for 10% of EU’s total external trade turnover. In the subsequent years, trade volumes have consistently declined.