The United States has reported a historic low in imports of Russian goods. According to the latest data from the Census Bureau, American purchases from Russia plummeted to $186.7 million in June, marking the lowest level since January 1996 when imports totaled $183.5 million. This steep decline underscores a dramatic shift in trade relations amid the ongoing geopolitical standoff, According to the census.
The drop is even more pronounced compared to May’s import figures, which stood at $438.7 million—the highest for the first half of the year. The June figure represents a near 2.5-fold decrease, illustrating the significant impact of current global tensions on trade dynamics.
Over the first six months of the year, the total value of Russian goods exported to the United States amounted to $1.88 billion. This represents a 50% reduction compared to the same period last year when imports totaled $2.85 billion. The sharp decline reflects broader economic sanctions and strained diplomatic relations between the two nations.
Conversely, US exports to Russia also saw a decline. In the first half of the year, American goods sent to Russia were valued at $233.9 million, down from $328.7 million during the same period last year. Specifically, in June, the US exported $42.3 million worth of goods to Russia, a decrease from $48 million in May.
This downturn in trade is a stark contrast to pre-conflict levels. In 2021, before the escalation of the Russian invasion of Ukraine, trade between the US and Russia was valued at $36 billion, highlighting the significant drop in economic interaction since the onset of the conflict.
The latest figures underscore the deepening economic isolation of Russia amid ongoing international sanctions and geopolitical tensions, further straining the already fragile economic ties between the two countries.