President Obama's Signature Paves Way for Permanent Normal Trade Relations with Russia and Moldova
On August 22, 2012, Russia became the 156th Member of the World Trade Organization (WTO). On December 14, 2012, the President signed legislation – which had been approved overwhelmingly by the U.S. Congress - terminating the application of Jackson-Vanik and extending permanent normal trade relations to Russia and Moldova. On December 21, 2012, the United States and Russia both filed letters with the World Trade Organization (WTO) withdrawing their notices of non-application and agreeing to have the WTO agreement apply between them. The application of the WTO agreement between the United States and Russia will benefit U.S. businesses and workers by improving market access for U.S. exports of goods and services and bringing Russia into a system of established, enforceable, multilateral trade rules.
Looking to build on Russia’s WTO membership, the Administration is working to expand the bilateral economic relationship with Russia. At their June meeting at the G-20 in Los Cabos, Presidents Obama and Putin agreed that the United States and Russia could do more to meet their potential as economic partners. USTR, in conjunction with other relevant U.S. government agencies, is therefore looking at concrete steps that will improve the conditions for bilateral trade and investment.
On December 20, 2012, the United States and Russia agreed to an Intellectual Property Rights (IPR) Action Plan to improve IPR protection and enforcement. As Ambassador Kirk noted, “The IPR Action Plan delivers on shared U.S. and Russian objectives, as reaffirmed by the recent G8 Ministerial Declaration, to promote strong IPR protection and enforcement to advance our innovative economies.” The Plan advances both IPR protection and enforcement, endorsing a broad range of IPR priorities, including combating copyright piracy on the Internet, enhancing IPR enforcement, and coordinating on legislation and other issues. In 2013, the United States will continue to work closely with Russia to enhance bilateral coordination with respect to IPR protection and enforcement, including through the United States-Russian Federation Intellectual Property Working Group.
U.S.-Russia Trade Facts
Russia is currently our 23rd largest goods trading partner with $38.1 billion in total (two way) goods trade during 2013. Goods exports totaled $11.2 billion; Goods imports totaled $27.0 billion. The U.S. goods trade deficit with Russia was $15.8 billion in 2013.
Russia was the United States 28th largest goods export market in 2013.
U.S. goods exports to Russia in 2013 were $11.2 billion, up 4.3% ($465 million) from 2012.
The top export categories (2-digit HS) in 2013 were: Machinery ($2.3 billion), Vehicles ($2.0 billion), Aircraft ($2.0 billion), Electrical Machinery ($674 million), and Optic and Medical Instruments ($660 million).
U.S. exports of agricultural products to Russia totaled $1.2 billion in 2013. Leading categories include: poultry meat ($310 million), tree nuts ($172 million), soybeans ($157 million), and live animals ($149 million).
Russia was the United States 18th largest supplier of goods imports in 2013.
U.S. goods imports from Russia totaled $27.0 billion in 2013, a 8.2% decrease ($2.4 billion) from 2012. U.S. imports from Russia accounted for 1.2% of total U.S. imports in 2013.
The five largest import categories in 2013 were: Mineral Fuel (oil) ($19.4 billion), Iron and Steel ($1.6 billion), Inorganic Chemical (enriched uranium) ($1.4 billion), Fertilizers ($815 million), and Precious Stones (platinum) ($813 million).
U.S. imports of agricultural products from Russia totaled $40 million in 2013.
The U.S. goods trade deficit with Russia was $15.8 billion in 2013, a 15.4% decrease ($2.9 billion) over 2012. The U.S. goods deficit with Russia accounted for 2.3% of the overall U.S goods trade deficit in 2013.
U.S. foreign direct investment (FDI) in Russia (stock) was $14.1 billion in 2012 (latest data available), up 20.7% from 2011.
Reported U.S. FDI in Russia is led by the manufacturing, banking, and mining sectors.
Russia FDI in the United States (stock) was $6.3 billion in 2012 (latest data available), down 3.0% from 2011.
The distribution of Russia FDI in the United States is not available.
U.S. Trade and investment data from Census Bureau and the Bureau of Economic Analysis of the U.S. Department of Commerce
*NOTE: No services trade data with Russia is available.