Russia’s foreign trade activity in January showed a year-on-year decline of 12.8%, totaling 48.7 billion dollars according to the Federal Customs Service (FCS). The month’s performance reflects shifts in both exports and imports, set against a backdrop of sanctions and changing global demand.
Export volumes fell 14.2% from the previous January, reaching 28.7 billion dollars. Mineral products dominated the export structure, accounting for 61.2% of total shipments. The country continued to rely on raw materials and related food products for export revenue, with their share standing at 10.4% as producers sought to preserve key industrial inputs and energy-related exports during a period of market volatility.
On the import side, Russia reduced purchases by 10.6% to 20 billion dollars. Despite the overall decline, imports included a substantial amount of machinery, equipment, and other goods, which represented 50.2% of the total import supply. The chemical industry contributed 19.5% of imports, while food products and raw materials used for their production accounted for 13%, indicating ongoing investment in industry modernization and supply chain resilience.
Regional dynamics show Asia as the dominant trade partner for Russia, with Asian economies accounting for a significant majority of the January turnover. The geographic concentration of trade links highlights the importance of Asia in sustaining Russia’s export channels and supplying key imports amid a complex geopolitical environment.
Among European partners, Germany remains one of Russia’s principal trading partners in Europe, reflecting longstanding economic ties that persist despite broader political tensions. Trade patterns with European destinations continue to adapt to sanctions regimes and policy shifts across the continent, influencing the mix of goods and the scale of bilateral flows.
Looking ahead, the January data illustrate how Russia’s external trade interacts with global risk factors, exchange rate movements, and policy developments. Businesses and policymakers are likely to monitor commodity prices, logistics bottlenecks, and sanctions-related constraints as they shape near-term performance and longer-term strategic choices in energy, manufacturing, and agricultural supply chains. Attribution: Federal Customs Service data and subsequent economic analyses.