Did You Know?

With over 140 million consumers, a growing middle class, and almost unlimited infrastructure needs, Russia remains one of the most promising markets for U.S. exporters.

  • Russia is the world’s 9th largest economy by nominal GDP, 6th largest by PPP and has the highest per capita GDP ($13,765) of the BRIC countries. It is an upper middle income country, with a highly educated workforce and a growing market of sophisticated, discerning consumers.
  • Russia’s economy is still recovering from the economic crisis that started in 2008, with GDP growth at 3.6% for 2012. Economists forecast real GDP growth of approximately 3% in 2013.
  • Russia was the U.S.’s 28th largest export market and the 16th largest exporter to the U.S. in 2011. Russia accounted for 1.05% of total U.S. trade, making it our 23rd largest trading partner overall.  In 2012, U.S. exports to Russia were $10.7 billion, the highest ever, and a 29% increase from 2011. This is nearly double the growth rate for overall U.S. exports worldwide which were up only 16%. Russian exports to the U.S. were $29 billion in 2012, up 21% from 2010. Russian sources list the country’s leading trade partners as: The Netherlands, China, Germany, Italy, Ukraine and Turkey.
  • U.S. accumulated foreign direct investment in Russia is just under $10 billion. According to Russian data, the U.S. is Russia’s 10th largest foreign investor.
  • Russia formally acceded to the WTO in August 2012. This will liberalize trade with the rest of the world and create opportunities for U.S. exports and investments. For industrial and consumer goods, Russia’s average bound tariff rate will decline from almost 10% to under 8%.
  • U.S. manufacturers and exporters will have more certain and predictable market access as a result of Russia’s commitment not to raise tariffs on any products above the negotiated bound rates, and will benefit from:
    • More liberal treatment for service exports and service providers.
    • Stronger commitments for protection and enforcement of IPR.
    • Rules-based treatment of agricultural exports.
    • Market access under country-specific tariff-rate quotas.
    • Improved transparency in trade-related rule-making.
    • More effective WTO dispute resolution mechanism