$12.7 Billion: U.S. Ran Trade Deficit With Russia for 29th Straight Year in 2022
(CNSNews.com) – The United States ran a merchandise trade deficit of $12,742,700,000 with Russia in 2022, making 2022 the 29th straight year that the United States has run a trade deficit with that nation, according to data published by the U.S. Census Bureau.
The last time the United States ran a trade surplus with Russia was in 1993. In 1994, and every year since then, according to the Census Bureau, the U.S. has run a trade deficit with Russia.
During 2022, the United States imported approximately $14,457,800,000 in goods from Russia and exported $1,715,100,000, according to the bureau. That resulted in a bilateral trade deficit of $12,742,700,000.
In the months from March through December—the period after Russia invaded Ukraine in February—the United States imported $9,920,600,000 in goods from Russia.
During that same March-through-December, the United States exported only $821,500,000 in goods from Russia. Thus, from March through December 2022, after Russia invaded Ukraine, the United States ran a trade deficit of $9,099,100,000 with Russia.
U.S. imports from Russia in 2022 hit a high point of $2,746,300,000 in March, the month after Russia invaded Ukraine. They hit a low point of $332,100,000 in September.
In October, they bounced back to $732,400,000. In November, they were $594,300,000. In December, they were $638,400,000.
In early April 2022, Congress passed and President Joe Biden signed two laws imposing economic sanctions on Russia in response to its invasion of Ukraine.
One was entitled the “Suspending Normal Trade Relations with Russian and Belarus Act.”
“This bill suspends normal trade relations with Russia and Belarus. It also permanently authorizes the President to impose visa- and property-blocking sanctions based on violations of human rights,” said the official summary of this bill.
“Specifically, the bill authorizes the President to proclaim increases in the rates of duty applicable to products of Russia or Belarus. This authority terminates on January 1, 2024,” said the summary.
“The bill,” the summary said, “directs the U.S. Trade Representative to (1) condemn the recent aggression in Ukraine, (2) encourage other World Trade Organization (WTO) members to suspend trade concessions to Russia and Belarus, (3) consider steps to suspend Russia’s participation in the WTO, and (4) seek to halt the accession process of Belarus.”
The other law related to trade relations with Russia that President Biden signed in April was entitled “Ending Importation of Russian Oil Act.”
Its official summary said: “This bill prohibits the importation of energy products from Russia.”
“The President may terminate this prohibition, subject to congressional disapproval,” the summary said, “if the President certifies that Russia (1) has reached an agreement to withdraw Russian forces and cease military hostilities in Ukraine, (2) poses no immediate military threat of aggression to any North Atlantic Treaty Organization member, and (3) recognizes the right of the Ukrainian people to independently and freely choose their own government.”
After these laws were enacted, the U.S. imported $5,091,600,000 in goods from Russia in the eight-month period of May through December 2022.
During that same eight-month period, the United States exported $630,600,000 in goods to Russia.
In the last eight months of 2022—after the United States imposed sanctions on Russia for invading Ukraine–the U.S. ran a $4.461-billion trade deficit with Russia, according to the data published by the Census Bureau.
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