Russia-United States Trade Turnover Increases H1 2019 Despite Sanctions

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US exports autos and aircraft, Russia exports oil & seafood

Russia’s bilateral trade volume with the United States reached US$13.8 billion in the first half of 2019, according to Anatoly Antonov, the Russian Ambassador to the US. “Bilateral trade turnover with the United States is rising gradually. In 2018, it gained 13% to US$27.5 billion. Positive dynamics has maintained this year as well as trade amounted to US$13.8 billion in the past six months.”

This compared with a total bilateral trade volume of US$24 billion in 2017, and suggests that Russia-US trade is stable, if not growing fast. Antonov also stated that American businessmen are still interested in the Russian market despite sanctions, and noted that Russia is becoming increasingly attractive for Americans as a tourist destination.

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American businesses looking for new markets in the wake of the US-China trade war need to study the Russian markets, as there are considerable differences between the sanctions on Russia and the tariffs on China. A comprehensive breakdown of the bilateral trade volume and component parts can be found here A list of Russian products that are banned from under current sanctions from importation into Russia can be viewed here The United States has a Double Tax Treaty with Russia, which is a useful tool to reduce profits taxes on products traded between the two countries that are not subject to sanctions.

Last summers 2018 FIFA World Cup Finals, held in Russia, saw visitors from the US during the tournaments duration take the second spot in terms of volume after China. American tourists mainly flew in from between Alaska and Russia’s Far East, with Antonov urging the resumption of regular direct flights between Alaska’s Anchorage and the Far Eastern cities of Russia such as Vladivostok. Currently these flights are summer seasonal only. The Russian Far East is currently the top destination for foreign investment into the country, taking 32% of all FDI into Russia.

 

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