Value of EU imports from Russia in Q1 2024 down 85% from Q1 2021
Between the first quarter of 2021 and the first quarter of 2024, the value of European Union imports from Russia fell by 85 per cent, EU statistics agency Eurostat said on May 27.
Russia’s share in extra-EU imports of petroleum oil fell from 30 per cent in the first quarter of 2022 to three per cent in the first quarter of 2024, Eurostat said.
The EU has imposed a number of import and export restrictions on several products, with more visible effects in the latest months, the statistics agency said.
The value of exports to Russia fell by 55 per cent between the first quarter of 2022 and the first quarter of 2024, while imports from Russia fell by 85 per cent in this period.
These developments caused the EU’s trade deficit with Russia which peaked at 45.7 billion euro in the second quarter of 2022 to fall to 0.9 billion euro in the first quarter of 2024.
When looking at the changes in Russia’s shares in extra-EU trade, both exports and imports dropped considerably below the levels prior to Russia’s invasion.
Russia’s share in the extra-EU exports fell from 3.2 per cent in the first quarter of 2022 to 1.4 per cent in the first quarter of 2024. Over the same period, the share of extra-EU imports from Russia fell from 9.4 per cent to 1.6 per cent.
When looking at quarterly data, the EU’s total trade balance with Russia is strongly correlated with the balance for energy products.
High prices for energy products in 2021 and 2022 caused a considerable trade deficit, peaking at 45.7 billion euro in the second quarter of 2022. However, import restrictions and falling energy prices significantly reduced the trade deficit, which stood at 0.9 billion euro in the first quarter of 2024.
In the first quarter of 2024, the volume of nickel imported from Russia was 63 per cent of what it had been in the first quarter of 2021 while its value had dropped to 52 per cent in the same period.
Imports of nickel were not affected by a specific ban. Measured in value, EU imports of nickel from Russia increased strongly between the first quarter of 2021 and the first quarter of 2022 due to increasing demand and prices. In the following months they dropped considerably.
Russia’s share in EU imports of nickel fell by 36 pp between the first quarters of 2022 and 2024 (see Figure 6). The shares of the United States (+11 pp), Norway (+9 pp) and the United Kingdom (+5 pp) increased in this period.
In the first quarter of 2024, the volume of petroleum oil imported from Russia was 12 per cent of what it had been in the first quarter of 2021 while its value had dropped to 17 per cent in the same period.
EU imports of petroleum oil (combined crude and non-crude) from Russia in trade value almost doubled between the first quarter of 2021 and the first quarter of 2022 due to increasing prices.
Russia was the largest provider of petroleum oils to the EU in 2021. After Russia’s invasion, a major diversion in the trade of petroleum oil took place. Evidence of this became visible in the second and especially in the third and fourth quarters of 2022 and continued in 2023 and 2024.
The share of petroleum oil imports from Russia dropped from 30 per cent in the first quarter of 2022 to 3 per cent in the first quarter of 2024. The shares of the United States (+8 pp), Norway (+4 pp) and Saudi Arabia (+3 pp) increased in this period.
In the first quarter of 2024 compared with the first quarter of 2021, the value index for imports of fertilisers from Russia increased by 27 pp while the volume index had fallen 10 pp.
The value of the EU’s imports of fertilisers from Russia more than doubled between the first quarters of 2021 and 2022, mostly as a result of rising prices. Between the first quarters of 2022 and 2024 the value of imports halved.
Russia’s share in extra-EU imports of fertilisers dropped from 37 per cent in the first quarter of 2022 to 14 per cent in the first quarter of 2023 but bounced back to 27 per cent in the first quarter of 2024.
EU imports of iron and steel In the first quarter of 2024, both the value and volume of iron and steel imported from Russia was around a half of what it had been in the first quarter of 2021.
The value of the EU’s imports of iron and steel from Russia increased by 63 pp between the first quarters of 2021 and 2022 mainly due to rising prices. Subsequently, drops in volume and value were observed because of the sanctions on several products.
Russia’s share in extra-EU imports of iron and steel dropped significantly (-7 pp) in the first quarter of 2024 compared with the first quarter of 2022 when it was still the largest import partner. India became the largest origin for EU imports of iron and steel with a share of 11 per cent, while Turkey, South Korea and the United Kingdom also had higher shares than Russia in the first quarter of 2024.
In the first quarter of 2024, the volume of liquefied natural gas imported from Russia were 28 pp higher than in the first quarter of 2021. However, due to rising prices its value in this period increased by 210 per cent.
The value of EU imports of liquefied natural gas from Russia increased considerably between the first quarter of 2021 and the third quarter of 2022 as prices increased sharply. The supply of natural gas from Russia steadily decreased until the third quarter of 2023 but increased in the latest two quarters.
Russia’s share in EU imports of liquefied natural gas dropped from 19 per cent in the first quarter of 2022 to 14 per cent in the first quarter of 2023 but bounced back to 19 per cent in the first quarter of 2024. The highest share in the first quarter of 2024 was observed for the United States (47 per cent).
In the first quarter of 2024, the volume of natural gas in gaseous state imported from Russia were 63 pp lower than in the first quarter of 2021. However, due to rising prices its value in this period decreased by only 31 per cent.
The value of EU imports of natural gas in gaseous state from Russia increased considerably between the first quarter of 2021 and the third quarter of 2022 as prices increased sharply. In the following quarters both volume and value decreased considerably.
Russia’s share in EU imports of natural gas in gaseous state dropped from 41 per cent in the first quarter of 2022 to 14 per cent in the first quarter of 2024. In this period the shares for Norway (+25 per cent) and Algeria (+12 per cent) increased most.
The EU also exported a wide range of products to Russia. In value terms, the largest product groups exported to Russia in the first quarter of 2021 were machinery, vehicles, pharmaceuticals, electrical machinery and plastics.
The weight of these exports is shown in Table 2. Between the first quarter of 2021 and the third quarter of 2023 exports for four of these five product groups had dropped considerably, the exception being pharmaceuticals which stood at 2 038 million euro in the first quarter of 2024, after having peaked at 2 894 million euro in the fourth quarter of 2022.
(Photo: Julien Hoste/ freeimages.com)
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