That estimated dollar metric results from a -5.6% decrease compared to $422.8 billion five years earlier in 2019.
Year over year, the total value of Russian exports shrank by -31% from $578.4 billion for 2022.
Based on the average exchange rate for 2023, the Russian ruble appreciated by 31.5% against the US dollar since 2019 and strengthened by 24.4% from 2022 to 2023. The Russian Federation’s stronger local currency since 2019 makes Russian exports paid for starting from stronger US dollars relatively more expensive for international buyers.
Russia’s 5 most valuable export products in 2023 were crude oil, refined petroleum oils, petroleum gases, coal and gold. In aggregate, those major exports accounted for 61.8% of overall exports sales from Russia. Such a high percentage suggests that the Russian Federation distributes a relatively concentrated range of exported goods on global markets.
Russia is a world leader for exporting wheat and ranks among the most lucrative for global sales of crude oil, refined petroleum oils and coal.
Best Russian Exports Customers
The latest available country-specific data shows that 63.3% of products exported from Russia was bought by importers in: mainland China (13.8% of the Russian global total), Netherlands (8.6%), Germany (6%), Turkey (5.4%), Belarus (4.6%), United Kingdom (4.5%), Italy (3.9%), Kazakhstan (3.8%), United States of America (3.6%), South Korea (3.4%), Poland (3.44%) and Japan (2.2%).
From a continental perspective, 50.8% of Russia’s exports by value was delivered to fellow European countries while 39.9% was sold to importers in Asia. Russia shipped another 4.4% worth of goods to North America.
Smaller percentages went to Africa (3%), Latin America (1.8%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by New Zealand and Australia.
Given Russia’s population of 146.3 million people, its total $491.9 billion in 2023 exports translates to roughly $2,700 for every resident in the vast Eurasian country for 2023. That metric lags the per-capita average of $3,500 in 2022.
Russia’s Top 10 Exports
The following export product groups represent the highest dollar value in Russian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Russia.
- Mineral fuels including oil: US$254.7 billion (63.8% of total exports)
- Gems, precious metals: $20.6 billion (5.2%)
- Iron, steel: $15 billion (3.8%)
- Fertilizers: $14.9 billion (3.7%)
- Cereals: $11.3 billion (2.8%)
- Aluminum: $8.3 billion (2.1%)
- Fish: $6.2 billion (1.5%)
- Copper: $6 billion (1.5%)
- Animal/vegetable fats, oils, waxes: $5.6 billion (1.4%)
- Ores, slag, ash: $5.2 billion (1.3%)
Russia’s top 10 exports generated 87.1% of the overall value of its global shipments.
Cereals was the sole gainer among the top 10 export categories, up by 8.2% from 2022 to 2023. That product category was bolstered by improving revenues from exported Russian wheat.
The leading decliners among Russia’s top 10 export categories were shipments of iron and steel (down -37% compared to 2022), mineral fuels including oil (down -34%), fertilizers (down -28.8%), copper (down -26.9%) and fish (down -22.9%).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Russia’s Most Valuable Export Products further down near the bottom of this article.
Products Generating Highest Trade Surpluses for Russia
Overall Russia generated an estimated US$191.1 billion trade surplus during 2023, a -49.6% decline from the $379.2 billion surplus one year earlier for 2022.
The following types of Russian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$253.1 billion (Down by -34.1% since 2022)
- Gems, precious metals: $19.9 billion (Down by -20.5%)
- Fertilizers: $14.9 billion (Down by -28.8%)
- Iron, steel: $11.8 billion (Down by -41.8%)
- Cereals: $11.1 billion (Up by 9%)
- Aluminum: $7.4 billion (Down by -21%)
- Copper: $5.2 billion (Down by -24.8%)
- Wood: $4.9 billion (Down by -46.7%)
- Fish: $4.8 billion (Down by -24.7%)
- Animal/vegetable fats, oils, waxes: $4.3 billion (Up by 0.8%)
Russia has highly positive net exports in the international trade of crude and refined oils, petroleum gases and coal. In turn, these cashflows indicate Russia’s strong competitive advantages under the mineral fuels including oil category.
Products Causing Highest Trade Deficits for Russia
Below are exports from Russia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Russia’s goods trail Russian importer spending on foreign products.
- Machinery including computers: -US$35.4 billion (Up by 13.8% since 2022)
- Vehicles: -$27.4 billion (Up by 107.2%)
- Electrical machinery, equipment: -$21.3 billion (Up by 4.9%)
- Pharmaceuticals: -$11.9 billion (Down by -9%)
- Optical, technical, medical apparatus: -$6.5 billion (Up by 9.4%)
- Plastics, plastic articles: -$5.6 billion (Up by 21.6%)
- Footwear: -$4.4 billion (Up by 36.7%)
- Fruits, nuts: -$3.8 billion (Down by -13.8%)
- Knit or crochet clothing, accessories: -$3.2 billion (Up by 3.3%)
- Organic chemicals: -$3.1 billion (Up by 19.5%)
Russia has highly negative net exports and therefore deep international trade deficits for machinery including computers.
These cashflow deficiencies clearly indicate Russia’s competitive disadvantages in the international machinery market, but also represent key opportunities for Russia to improve its position in the global economy through focused innovations.
Major Russian Export Companies
Almost 30 Russian corporations rank among Forbes Global 2000. The following companies are selected examples of leading companies headquartered in Russia.
- Gazprom (oil, gas)
- Magnitogorsk Iron & Steel (iron, steel)
- Mechel (iron, steel)
- Severstal (iron, steel)
- Sistema (telecommunications)
- Surgutneftegas (oil, gas)
Wikipedia also lists large international trade players from Russia.
- Alrosa (diversified metals)
- LukOil (oil, gas)
- Norilsk Nickel (diversified metals)
- Novatek (oil, gas)
- Novolipetsk Steel (iron, steel)
- Rosneft (oil, gas)
- Tatneft (oil, gas)
- Transneft (oil and gas equipment)
- UC Rusal (aluminum)
- Uralkali (specialized chemicals)
Searchable List of Russia’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from the Russian Federation during 2023. Shown beside each product label is its total export value and, under the YOY column, the percentage increase or decrease from 2022 to 2023.
| Rank | Russia's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Crude oil | $117,248,939,000 | -20.6% |
| 2 | Processed petroleum oils | $47,931,613,000 | -35.6% |
| 3 | Petroleum gases | $39,721,253,000 | -50.9% |
| 4 | Coal, solid fuels made from coal | $30,639,894,000 | -29.6% |
| 5 | Gold (unwrought) | $11,020,851,000 | -12.2% |
| 6 | Wheat | $9,489,702,000 | +8.3% |
| 7 | Aluminum (unwrought) | $7,443,424,000 | -15.2% |
| 8 | Platinum (unwrought) | $6,821,641,000 | -4.9% |
| 9 | Iron or non-alloy steel products (semi-finished) | $6,607,724,000 | -30% |
| 10 | Fertilizer mixes | $5,478,648,000 | -32.6% |
| 11 | Refined copper, unwrought alloys | $5,450,325,000 | -22.8% |
| 12 | Nitrogenous fertilizers | $5,205,919,000 | -27.9% |
| 13 | Potassic fertilizers | $4,163,938,000 | -22.9% |
| 14 | Sawn wood | $3,251,650,000 | -40.8% |
| 15 | Sun/safflower/cotton-seed oil | $3,192,763,000 | -9.7% |
| 16 | Whole fish (frozen) | $2,935,276,000 | -26.2% |
| 17 | Radioactive chemical elements | $2,842,035,000 | +33.9% |
| 18 | Diamonds (unmounted/unset) | $2,183,799,000 | -53.1% |
| 19 | Crustaceans (including lobsters) | $2,058,527,000 | -24.9% |
| 20 | Nickel (unwrought) | $1,719,102,000 | -39.1% |
| 21 | Rape/colza/mustard oil | $1,593,487,000 | +28.2% |
| 22 | Precious metal ores, concentrates | $1,524,056,000 | +92.8% |
| 23 | Pig iron | $1,443,288,000 | -27.2% |
| 24 | Nickel matte, oxide sinters | $1,416,665,000 | -22.8% |
| 25 | Synthetic rubber | $1,405,863,000 | -34% |
| 26 | Chemical woodpulp (non-dissolving) | $1,371,988,000 | -14.2% |
| 27 | Iron ores, concentrates | $1,218,445,000 | -28.8% |
| 28 | Dried shelled vegetables | $1,193,840,000 | +66.9% |
| 29 | Nuclear reactors, fuel elements | $1,132,980,000 | +72.8% |
| 30 | Hot-rolled iron or non-alloy steel products | $970,976,000 | -65.9% |
| 31 | Copper ores, concentrates | $959,895,000 | -14% |
| 32 | Corn | $932,167,000 | +11.6% |
| 33 | Iron ferroalloys | $919,198,000 | -48.8% |
| 34 | Carbon including carbon blacks | $826,685,000 | -20.7% |
| 35 | Fish fillets, pieces | $824,733,000 | -6% |
| 36 | Miscellaneous oil cakes | $821,228,000 | +23.1% |
| 37 | Petroleum oil residues | $787,412,000 | -13.8% |
| 38 | Iron or non-alloy steel bars, rods | $777,095,000 | -16% |
| 39 | Coiled iron or non-alloy steel bars, rods | $762,353,000 | +25% |
| 40 | Laminated wood (including plywood, veneer panels) | $745,397,000 | -49.4% |
| 41 | Soya beans | $744,881,000 | +63.7% |
| 42 | Iron ore reduced products | $712,268,000 | -50.5% |
| 43 | Linseed | $657,088,000 | +8.2% |
| 44 | Ethylene polymers | $652,949,000 | -44.6% |
| 45 | Barley | $623,279,000 | +6.8% |
| 46 | Poultry meat | $597,593,000 | -21.5% |
| 47 | Lead ores, concentrates | $593,741,000 | +6.6% |
| 48 | Iron or steel tubes, pipes | $520,320,000 | -9.9% |
| 49 | Titanium | $512,396,000 | -0.1% |
| 50 | Iron and steel tubes, pipes | $512,029,000 | +21.7% |
| 51 | Electrical energy | $509,096,000 | -56% |
| 52 | Propylene/olefin polymers | $505,137,000 | -42% |
| 53 | Soya-bean oil | $476,525,000 | -11.7% |
| 54 | Flat-rolled other alloy steel products | $456,330,000 | -40.2% |
| 55 | Miscellaneous iron and steel structures | $442,685,000 | -20.9% |
| 56 | Chocolate, other cocoa preparations | $442,377,000 | -27.1% |
| 57 | Uncoated kraft paper | $436,805,000 | -49.4% |
| 58 | Heterocyclics, nucleic acids | $422,492,000 | -4.8% |
| 59 | Newsprint (rolls or sheets) | $405,808,000 | -32.4% |
| 60 | Acyclic alcohols | $396,584,000 | -44.1% |
| 61 | Aircraft, spacecraft | $391,372,000 | +87.9% |
| 62 | Nickel ores, concentrates | $386,521,000 | -13.2% |
| 63 | Bread, biscuits, cakes, pastries | $383,164,000 | -17.9% |
| 64 | Iron or steel scrap | $373,749,000 | -24.5% |
| 65 | Miscellaneous iron or steel tubes, pipes | $371,336,000 | -22.5% |
| 66 | Silver (unwrought) | $350,502,000 | -61.7% |
| 67 | Aluminum wire | $350,215,000 | -17.4% |
| 68 | Soya-bean oil-cake, other solid residues | $338,991,000 | -25.2% |
| 69 | Bran, other residues | $334,764,000 | -6.7% |
| 70 | Coke, semi-coke | $325,250,000 | -65.5% |
| 71 | Zinc ores, concentrates | $308,837,000 | -38.3% |
| 72 | Sugar (cane or beet) | $307,596,000 | +185.9% |
| 73 | Uncoated paper | $303,044,000 | -41.8% |
| 74 | Temperature-change machines | $302,151,000 | +119.3% |
| 75 | Automobile parts/accessories | $286,327,000 | -29.1% |
| 76 | Beet-pulp, brew/distilling waste | $268,711,000 | -20.4% |
| 77 | Miscellaneous animal feed preparations | $266,021,000 | -23.2% |
| 78 | Inedible meat flour | $263,654,000 | +22.6% |
| 79 | Iron or non-alloy steel angles, shapes, sections | $253,408,000 | -34.2% |
| 80 | Copper wire | $242,070,000 | -75.5% |
| 81 | Miscellaneous iron or steel items | $232,555,000 | -29.6% |
| 82 | Turbo-jets | $231,376,000 | +11.6% |
| 83 | Uncoated paper for writing/printing | $230,648,000 | -5.9% |
| 84 | Asbestos | $229,939,000 | -9.5% |
| 85 | Rape/colza seeds | $229,401,000 | +164.6% |
| 86 | Medication mixes in dosage | $223,102,000 | -50.6% |
| 87 | Hydrazine, inorganic salts | $220,308,000 | -29.8% |
| 88 | Particle board, other ligneous materials | $217,406,000 | -55.8% |
| 89 | Insulated wire/cable | $208,363,000 | -35.4% |
| 90 | Other organic cleaning preparations | $207,951,000 | -34.1% |
| 91 | Non-alcoholic drinks (not water/juice/milk) | $202,012,000 | -42.1% |
| 92 | Cold-rolled iron or non-alloy steel products | $201,218,000 | -67.2% |
| 93 | Rough wood | $194,372,000 | -42.1% |
| 94 | Other food preparations | $190,335,000 | -30.1% |
| 95 | Railway/streetcar carrier vans, wagons | $185,773,000 | -0.05% |
| 96 | Aircraft or spacecraft parts | $180,306,000 | -16% |
| 97 | Liquid pumps and elevators | $180,098,000 | -18% |
| 98 | Rail locomotives | $178,128,000 | +174.1% |
| 99 | Taps, valves, similar appliances | $175,577,000 | +11.9% |
| 100 | Cars | $171,705,000 | -55.6% |
These 100 exported goods were worth a subtotal of US$356.5 billion or roughly 89.3% by value for all products exported from the Russian Federation during 2023.
In macroeconomic terms, Russia’s total exported goods represent 7.7% of its overall Gross Domestic Product for 2023 ($5.18 trillion valued in Purchasing Power Parity US dollars). That 7.7% for exports to overall GDP per PPP in 2023 compares to 10.5% one year earlier. Those percentages suggest Russia’s relatively decreasing reliance on products sold on international markets for its total economic performance–albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Russia’s unemployment rate averaged 3.167% in 2023, down from an average 3.942% jobless rate for 2022 according to the International Monetary Fund.
Related Read: Russia’s Top 100 Consumer Product Exports
See also Russia’s Top 10 Imports, Russia Top Trading Partners, Top Russian Trade Balances and Russia’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on June 24, 2024
Forbes 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 24, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 24, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 24, 2024
International Trade Centre, Trade Map. Accessed on June 24, 2024
Investopedia, Net Exports Definition. Accessed on June 24, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on June 24, 2024
Wikipedia, Gross domestic product. Accessed on June 24, 2024
Wikipedia, List of Companies of Russia. Accessed on June 24, 2024
Wikipedia, Purchasing power parity. Accessed on June 24, 2024