European Union Running An US$83 Billion Trade Deficit With Russia
EU loss Of Russian and British Consumer Markets Close To €100 Billion Per Annum
The European Union is currently importing rather more from Russia than it exports, according to new data from Eurostat, the data analysis unit within the European Commission. In 2018, the EU imported US$83 billion more from Russia than it exported.
EU exports to Russia were dominated by machinery and vehicles, chemicals and other manufactured products, which together accounted for 90% of EU exports to Russia. EU imports from Russia were dominated by primary goods (72%), mainly energy, raw materials, and food and drink. At a more detailed level, medicaments were the EU’s most exported product to Russia, while the most imported product from Russia were petroleum oils, and crude.
In 2018 Russia was the 4th largest partner for EU exports of goods and the 3rd largest partner for EU imports of goods, while among EU Member States, Germany was both the largest importer of goods from and the largest exporter of goods to Russia.cost EU businesses US$240 billion and rising, which must be of serious concern to Brussels. Losing one market in Russia is one thing; losing another with the UK and a no-deal Brexit is indicative of poor leadership with a lack of understanding long term strategy. Ordinary Russians meanwhile have taken the advantage of the EU’s self inflicted withdrawal from the Russian market and begun making products they previously imported. These include a raft of micro-breweries being set up in addition to Russian made gourmet foods, such as wines and cheeses. Moreover a more patriotic sensibility has become instilled in Russians, with Russian Farm to Table restaurants such as LavkaLavka proving hugely popular.
EU – Russia Sanctions & Brexit Consumer Market Combined Losses
|Country||Cause||Middle Class Population||Estimated Annual Trade Loss||Total EU Export Trade|
|Russia||Sanctions||50 million||€50 billion||4%|
|UK||No Deal Brexit||42 million||€40 billion||3.5%|
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