U.S. Trade Deficit With Russia Up 93.9% in 2021
Russian President Vladimir Putin and U.S. President Joe Biden in Geneva, Switzerland, June 16, 2021. (Photo by Peter Klaunzer-Pool/Keystone via Getty Images)
By Terence P. Jeffrey | February 22, 2022
(CNSNews.com) – The United States merchandise trade deficit with Russia increased by 93.9 in 2021, according to data published this month by the Census Bureau.
In 2020, when President Donald Trump was in office, the United States imported $16,901,100,000 in goods from Russia and exported $4,886,900,000 to Russia, resulting in a bilateral trade deficit of $12,014,2000,000.
In 2021, when Joe Biden took office, the United States imported $29,695,100,000 in goods from Russia and exported $6,388,300,000 to Russia, resulting in a trade deficit of $23,306,800,000.
That was a one-year increase of $11,292,600,000—or 93.9%.
The Census Bureau has reported the U.S.-Russia merchandise trade balance going back to 1992, which was the first year after the demise of the Soviet Union. In 1992 and 1993, the United States ran relatively small trade surpluses with Russia ($1,631,100,000 and $1,226,900,000).
Then, in 1994, the United States ran a merchandise trade deficit of $66,900,000 with Russia. In every year since then, the United States has continued to run a trade deficit with Russia. 2021 was the 28th straight year that the United States has run a trade deficit with Russia.
The largest U.S. trade deficit with Russia came in 2011, when it hit $26,300,600,000. The second largest was last year’s $23,306,800,000.
The Top Ten imports the United States bought from Russia in 2021, according to the Census Bureau, were fuel oil ($10,265,587,048); crude oil ($4,714,801,618); other precious metals ($2,594,065,110); petroleum products, other ($2,528,835,6662); steelmaking materials ($1,638,966,123); fish and shellfish ($1,202,782,496); chemicals and fertilizers ($1,178,648,667); iron and steel mill products ($1,040,637,351); nuclear fuel materials ($688,757,733); and bauxite and aluminum ($528,663,788).
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