icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

US imports from Russia surge 50% amid price rally in commodity markets

US imports from Russia surge 50% amid price rally in commodity markets
Exports of Russian commodities to the US went up one-and-a-half times in the first five months of the current year compared to the same period a year ago, according to statistics released by the US Census Bureau.

Commodity exports from Russia to the US in monetary terms totaled $11.5 billion, with purchases of oil and petrochemicals seeing a substantial growth of 78%. US imports of mineral fuels, oil, and petrochemicals nearly doubled from $3.8 billion to $6.7 billion.

Also on rt.com Modest trade turnover between Russia & US manages to grow despite sanctions

US imports of precious and semiprecious metals and stones grew by nearly 50% from $1.1 billion to $1.6 billion, while purchases of Russian fertilizers increased by 35% to $500 million. Imports of iron and steel jumped up by 25% to $700 million.

Non-resource exports from Russia to the US also saw an increase, with sales of frozen crab growing from $263 million to $395 million. The US also purchased $126 million worth of space rocket engines from Russian state-run producers.

Also on rt.com US demand for Russian caviar surges by 640%

The increase in commodity imports is attributed to the latest price rally in the global commodity markets. Statistics from the US Census Bureau seen by Russian business daily RBK don’t match up with the data tracked by the Federal Customs Service of Russia, which reports that the number of US imports in monetary terms reached $6.1 billion, marking a growth of 26%.

The difference is attributed to contrasting methods of assessment, as Russian customs commonly calculate only direct shipments of Russian produce to the US, while the US Census Bureau includes all the Russian-produced goods entering the country.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts