Business between the U.S. and Russia totaled $38.1 billion in 2013, according to the Commerce Department.
Imports — the values of goods and services entering the U.S. from Russia — totaled $26.96 billion, the 18th highest level in the world. Exports — the value of goods and services entering Russia from the U.S. — totaled $11.16 billion, 28th highest in the world.
Here’s a chart detailing U.S. trade with Russia every month and year dating to 1992.
Imports have risen over the past decade, a trend that’s “largely attributable to the rise in the world prices of oil and other natural resources —which comprise most of U.S. imports from Russia—and not to an increase in the volume of imports,” according to a March 2013 Congressional Research Service report.
“U.S. exports span a range of products including meat, machinery parts, and aircraft parts,” the report said.
The economic ties between the U.S. and Russia have come into sharper focus after U.S. officials including President Barack Obama condemned Russia for sending troops to Ukraine’s Crimea region. U.S. officials have threatened suspending Russia from the Group of Eight industrial nations, and the U.S. and Canada are suspending participation in preparatory meetings ahead of a G-8 gathering Russia is hosting in June.
“There could be certainly disruption of any of the normal trade routine,” Secretary of State John Kerry said yesterday on the CBS’s “Face the Nation.” “There could be business drawback on investment in the country. The ruble is already going down and feeling the impact of this.”
Kerry, appearing on NBC’s “Meet the Press” program, raised the possibility of “asset freezes” and “visa bans,” as David Lerman and I reported for Bloomberg News.