Trade between the countries has been cratering amid Washington’s increasing sanctions against Moscow
Exports of American goods to Russia have continued to tumble, dropping to a record low of $44.6 million in January 2023, data from the US Bureau of Economic Analysis shows.
According to the report, which was issued last week, exports have more than halved compared with the previous month, when deliveries amounted to $112.8 million. In annual terms, the volume of exports crashed nearly 90% from $396.8 million in January 2022.
Data shows the export figure was lower only in January 1992, at $1.3 million, a figure possibly attributable to technical issues related to the collapse of the Soviet Union.
Meanwhile, imports to the US from Russia amounted to $508.6 million in January, down from $638.4 million a month earlier and $1.96 billion in the same period of the previous year.
READ MORE: Russia-US trade continues to plummet
Volumes of trade between the two countries have been shrinking as Washington continues to ratchet up economic restrictions on Moscow.
In 2022, overall US exports to Russia stood at $1.7 billion, while imports amounted to $14.46 billion. In 2021, those figures were $6.4 billion and $29.6 billion, respectively.
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March 13, 2023 at 10:37AM