Russian Iron & Steel Exports To Mexico At Historically Highest

Russia produces about 4% of the world’s iron and steel, following China at the top, with nearly half of the world’s iron and steel produced by the Southeast Asian country. In 2020, Russia was the fourth-largest steel producer and hence, Russian iron & steel exports were in the top 5.

In 2022, the Russian Federation increased its crude steel production as compared to the production in 2020. The production of Russia’s iron and steel (Chapter 72) and exports reached their historically highest value in 2021 and so does the values of exports to Mexico peaked high.

Russia’s Iron and Steel Demand

Russian iron and steel production in 2021 reached a slightly better level compared to the preceding year. In 2021, Russia ranked as the fourth-largest iron and steel exporting country. The total value of Russian iron & steel exports amounted to $28.8 billion in 2021.

To represent the demand for Russia’s iron & steel, in comparison to its other top exported commodities, the top 5 exports are featured below in Russia export data 2021. The exports of iron and steel ranked in the third position with a total export value of $2.88 billion in 2021.

Russian Iron and Steel Top Partners

As per Russia exports 2021, the top 10 exporting partners for Russia’s iron & steel are – Türkiye (14%), Mexico (8.5%), Belgium (8%), Belarus (6.7%), Taipei (5.8%), Kazakhstan (5.6%), United States of America (4.2%), Italy (4%), China (3.6%), and Poland (3.2%).

Exports To Mexico – Historical Data

As seen in the represented Russian export data above, the exports of Russian iron & steel to Mexico were the second-highest among all other top exporting partners of Russia in 2021. Historical Russia’s export data represented below show iron & steel exports to Mexico.

The export value for Russian iron & steel amounted to a mere value of $69.8 million, followed by $426.5 million and $990.5 million in 2013 and 2014. The year subsequent registered a drop in the value of exports. However, beginning in 2016, the value of exports rose till 2018.

In 2019, the value of exports for Russian iron & steel severely dropped till 2020 registering an amount of $714.2 million representing a decrease of 25.3% compared to 2019. However, in 2021, values stood at a historic value of $2.4 billion, showing a drastic increase of $1.7 billion.