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 20th largest goods trading partner with $42.9 billion in total (two way) goods trade during 2011. Goods exports totaled $8.3 billion; Goods imports totaled $34.6 billion. The U.S. goods trade deficit with Russia was $26.3 billion in 2011.
Russia was the United States 31st largest goods export market in 2011.
U.S. goods exports to Russia in 2011 were $8.3 billion, up 37.9% ($2.3 billion) from 2010.
The top export categories (2-digit HS) in 2011 were: Machinery ($2.2 billion), Vehicles ($1.1 billion), Aircraft ($741 million), Meat (poultry and pork) ($697 million), and Optic and Medical Instruments ($548 million).
U.S. exports of agricultural products to Russia totaled $1.2 billion in 2011 the 19th largest U.S. Ag export market. Leading categories include: red meats, fresh/chilled/frozen ($452 million), and poultry meat ($250 million).
Russia was the United States 14th largest supplier of goods imports in 2011.
U.S. goods imports from Russia totaled $34.6 billion in 2011, a 34.6% increase ($8.9 billion) from 2010. U.S. imports from Russia accounted for 1.6% of total U.S. imports in 2011.
The five largest import categories in 2011 were: Mineral Fuel (oil) ($25.4 billion), Iron and Steel ($1.7 billion), Precious Stones (platinum) ($1.4 billion), Inorganic Chemical (enriched uranium) ($1.4 billion), and Fertilizers ($1.1 billion).
U.S. imports of agricultural products from Russia totaled $34 million in 2011.
The U.S. goods trade deficit with Russia was $26.3 billion in 2011, a 33.5% increase ($6.6 billion) over 2010.
U.S. foreign direct investment (FDI) in Russia (stock) was $9.9 billion in 2010 (latest data available), a 50.5% decrease from 2009.
Reported U.S. FDI in Russia is led by the manufacturing, banking, and mining sectors.
Russia FDI in the United States (stock) was $4.4 billion in 2010 (latest data available), down 44.6% from 2009.
The distribution of Russia FDI in the United States is not available for 2009.
NOTE: No services trade data with Russia is available
Historical Trade Data
U.S. Trade and investment data from Census Bureau and the Bureau of Economic Analysis of the U.S. Department of Commerce