Thursday, May 30, 2024

Beat it: US has imported more goods from Russia than before

Despite US attempts to strangle the Russian economy, Moscow has successfully found new markets for its biggest exports, including energy products. However, the United States has also continued to buy Russian goods, even increasing its imports in recent months.

In October 2022, the value of US imports from the Russian Federation were more than twice that imported the month prior, according to the latest trade data from the US Census Bureau.

Data on the US-Russia trade deficit shows that in September, the US imported $332.1 million worth of goods from Russia, but in October, it imported $732 million in goods – a $400 million increase.

However, the total trade volume is still far below that of January, when the US imported $1.2 billion in Russian goods. 

After Moscow launched its special operation in Ukraine in February, the Biden administration severed trade in several goods, most importantly petroleum, gas, and coal products, but also seafood products, alcohol, and non-industrial diamonds.

While specific data from October was not yet available, September data showed fertilizer was the largest US import, even greater than that seen in February. Iron and steel, as well as nonferrous metals, have also formed a sizable part of US purchases from Russia.

The US has tried to push its own boycott of Russian energy exports onto other nations, so far without much success. The European Union and India remain major customers for Russian energy, although the EU has attempted to follow in Washington’s footsteps, despite the detrimental effect on its own economy and society, which has already sparked massive unrest.

On Monday, the Group of Seven, which includes the US, Japan, and several Western European nations, officially imposed a $60-per-barrel price cap on Russian oil purchases.

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