Russia-UK trade values show a decline in the imports of the UK for 2021 as compared to 2020. The revelation of the trade of Russia with other countries shows contrary parallels, as the UK is the only exceptional country among all the top exporting partners of Russia.
There might be several reasons why the trade of the UK declined in the year 2021—the time period when values were skyrocketing. Given that the UK is in the top 5 exporting countries of Russia, this comes as a surprisingly enough state of affairs between both countries.
Russia Historical Trade
The representation of Russia’s yearly exports will provide us with a glimpse into the trend of whether the exports of Russia increase or decrease. Russia’s historical trade data below features the yearly values of Russia’s exports in the world ranging from 2017 to 2021.
As can be seen in the represented data above, the exports of Russia amounted to $357 billion, followed by $449.3 billion in 2018. In 2019 and 2020, the value of exports decreased by 5.9% and 20.2% respectively. The exports rose in 2021 by 46%, standing at a value of $492.3 billion.
Russia’s Top Partners In 2021
The representation of Russia’s export data below features the top exporting partners of Russia for the year 2021. The top exporting partners of Russia are – China (14%), the Netherlands (8.6%), Türkiye (5.4%), Belarus (4.7%), the UK (4.5%), and other countries in the list below.
The UK is clearly among the top exporting countries for Russia, standing at the position of 6th highest exporting country. It accounted for a total worth of exports with a share value of 4.5% in 2021, implying that there is a significant contribution of the UK to Russia’s export growth in 2021.
Russia-UK Trade – Tracing The Trend
The yearly comparison of Russia’s exports provides insight into the top trading partners and their ranking in a particular time period according to their trade value. The trade of the UK is highlighted in the representation of Russia exports 2021.
The total amount of Russian exports to the UK in 2020 amounted to $23.1 billion. The value of exports to the UK declined in 2021 with total exports amounting to $22.2 billion. The UK’s position as the top third exporting partner of Russia came down to the 6th partner of Russia.
According to the Russian Embassy of the UK and Northern Ireland, the bilateral relationship between Russia and the UK has always been a complicated matter. Some sources also pointed out that there exist deep conflicts between both countries, which probably not many know about.
There are conflicting arguments between both the countries which might’ve contributed to the decline of the Russian and British relationship, causing a downward spiral in trade trends. The UK’s exit from the EU—“Brexit” and the Russia-Ukraine war have also influenced the values.