Statistics show scale of decline of EU trade with Russia
European Union trade with Russia has been strongly affected following Russia’s invasion of Ukraine, with the EU imposing import and export restrictions on several products, EU statistics agency Eurostat said on March 3.
The effects of these measures have been particularly visible in the latest months, Eurostat said.
Considering seasonally adjusted values, both exports and imports dropped considerably below the levels prior to Russia’s invasion. Russia’s share in EU’s extra-EU imports fell from 9.5 per cent to 4.3 per cent between February 2022 and December 2022.
Over the same period, Russia’s share in the EU’s total extra-EU exports dropped from four per cent to two per cent.
The EU’s trade deficit with Russia peaked at 18.2 billion euro in March 2022 before progressively decreasing to six billion euro in December 2022. The value of imports from Russia fell by 53 per cent, from 21.8 billion euro in March 2022 to 10.3 billion euro in December 2022.
With Russia being gradually replaced by other trade partners, Russia’s share in extra-EU imports for six key products decreased, with strong declines visible for coal, natural gas, fertilisers, petroleum oil and iron & steel.
In particular, the highest drops have been recorded for coal (from 45 per cent in 2021 to 22 per cent in 2022), natural gas (from 36 per cent to 21 per cent), fertilisers (from 29 per cent to 22 per cent), petroleum oil (from 28 per cent to 21 per cent) and iron & steel (from 16 per cent to 10 per cent), Eurostat said.
(Photo: Julie Hoste/freeimages.com)
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