Russia is among the largest export economies in the world. In 2016, the country's exports accounted for $251 billion while its imports accounted for $172 billion resulting in a positive balance of trade of $79 billion. In 2012, Russia's top exports included crude and refined petroleum, natural gas, coal, semi-finished iron, aluminium, wheat, gold, diamonds, copper among others. The country's main export destinations include Netherlands, China, Germany, Italy, Turkey, Belarus, and Japan among others. The export sector has played a significant role in the economy of Russia. Russia's immense wealth of oil and mineral resources allow the country to export large quantities of petroleum, natural gas, and several mined minerals.
Top Export Products Of Russia
1. Crude petroleum
Russia's petroleum industry is one of the largest in the world and has one of the largest reserves. According to a 2015 statistics, Russia produced approximately 10.83 million barrels of oil per day placing itself among the largest producers of oil in the world. The country accounts for 12% in the total production of oil in the world and also a 12% share of global oil exports. Crude petroleum in Russia together with condensate production reached the post-Soviet maximum of 9.7 million barrels per day in 2006. Russia is the primary transit country for oil coming from Kazakhstan. Crude petroleum is the number one export product in the country with a value of $183,748 million in 2012. The continued growth of the Russian economy is resulting in high demands for energy thus prompting the increase of oil production.
2. Natural gas
In Russia, natural gas is the third largest export product with a value of $42,892 million in exports. Russia being by far the largest exporter of natural gas is believed to have the largest proven reserves by most authorities such as the US Energy Information, OPEC and the US CIA. The US Geological survey estimates that Russia is also likely to have the largest volume of natural gas in the world that is yet to be discovered. Most of Russia's natural gas is exported to European countries such as Greece, Finland, Italy, France, and Hungary among others.
Russia is believed to be the fastest growing aluminum market in the world and the sixth largest export product in the country accounting for $6,638 million in exports. Rusal which is a Russian aluminum company is the sixth largest in the world accounting for about 9% of the world's production of alumina.
Where mining is concerned, Russia is also the leading exporter and producer of a number of minerals. Russia is the largest producer of gold in Europe and the third largest in the world accounting for approximately 250 metric tons of gold production in 2016. In 2012, gold was the 8th largest export product in Russia accounting for $5,845 million in total exports.
An overview Of Russia's Export Economy
Some sources estimate that Russia contains more than 30% of the natural resources in the world which are among the top export products in the world. The World Bank estimates that the total value of natural resources in Russia accounts for $75 trillion. Since the country has an abundance of oil, natural gas, and precious metals such gold and aluminum, they account for a significant share of Russia's exports. The natural gas and oil sectors in Russia accounted for more than 70% of total exports, 52% of the federal budget revenues and 16% of GDP as of 2012.