By Martin Vatanka
Like many countries, Russia faced economic contraction in 2020 as the Covid-19 pandemic wreaked havoc on the global economy. Russia’s economy contracted by 3% in 2020, though the country had been accustomed to slowing or negative growth long before the pandemic. Ever since its GDP hit an all-time high of $2.292 trillion in 2013, the economy has been on the decline or slowing, owing to volatile oil prices and mounting Western sanctions due to its annexation of Crimea.
For Russia’s economy to fulfill its potential, it will need to grow and diversify its export base. Here are the top ten export destinations for Russian goods
Russia’s Top Ten Export Destinations – 2020
- China $49.58 Billion
- The Netherlands $25.34 Billion
- United Kingdom $23.06 Billion
- Germany $18.63 Billion
- Belarus $16.02 Billion
- Turkey $15.75 Billon
- Kazakhstan $14.05 Billion
- South Korea $12.52 Billion
- United States of America $10.82 Billion
- Italy $9.87 Billion
- China became the top 1 biggest customer of Russian exports in 2017, overtaking the Netherlands.
- Russia’s top exports to the international community are Crude Petroleum, Refined Petroleum, Gold, and Coal.
- Russia’s GDP hit an all time high of 2.292 trillion USD in 2013, shortly before the Russian annexation of the Crimea in March 2014, which led to many sanctions by the European Union and the United States being put on Russia and severely hurting its economic growth.