USA made record fertilizer shipments from Russia in 2022

 Russia is the leading fertilizer exporting country in the world. Despite sharing bitter political relations with the USA, Russia is currently the second leading market for fertilizer imports by the United States. The latest US import data suggest that the country's fertilizers imports from Russia are about to cross $1 billion within the first six months of fiscal year 2023. As compared to last year, there was an increase of 5% in fertilizer imports by the USA.

Whereas, Canada is the top fertilizer supplier to Russia in FY 2023 having exports worth $2.6 billion. There were considerable fertiliser exports made by Saudi Arabia, Qatar and Israel. US import export data shows that Saudi Arabia exported around $485 M and Israel, Qatar were responsible for $217 M & $214 M. Now, the USA slashed fertilizer imports by 20% and exports by 34%.

Apart from fertilizers, the USA made a variety of imports from Russia which includes refined petroleum, platinum, ferroalloys, iron, crustaceans, chemicals, wood articles, natural gas, oilseeds and electrical equipment. Petroleum products are the top most product imports by the USA. 

As per the US customs data, over $2 billion worth of petroleum products were imported during 2022. It was the top-product commodity imported by the USA from Russia. The second most imported commodity by the USA from Russia are nonferrous metals. Among which platinum export shipments were recorded to be $1.5 billion.

Although the USA has now restricted petroleum products, iron steel, and natural product imports from Russia amid the Ukraine crisis. Whereas, the USA is still importing non ferrous metals, fertilizers, chemicals, wood articles, and animal feeds. The overall imports by the USA from Russia accounted for over $16 billion during FY 2022.

On the other hand, US export data shows a significant decline in the exports to Russia. In 2021, the exports were around $9 billion while it came down to $1.8 billion in 2022. The top exports include motor cars, gas turbines, motor vehicles, aircrafts, spacecrafts, vaccines, medical instruments, and tractors. During May 2023, Aircrafts were the top product import made by Russia with over $35 million worth value. In terms of exports value, other major US exports to Russia include motor parts ($23 M), Cars ($18 M), Inorganic Chemicals ($14 M) and Vaccines ($12 M).      

Although the trade forecasts for USA and Russia are not quite good as the relations are souring amid ongoing war. The United States is imposing sanctions  to restrict Russia from exporting. There is a lot of financial risk involved in the Russian market. The import-export companies can overcome financial risk through a data based decision approach.

There are many trusted global import export data provider companies through which you can gain international market insights. You can identify demand, product price, quantity, country, competitors, importers and exporters shipments. You can explore industry wise insights and analyze product demand. 

This will help you make better decisions on product pricing, production quantity evaluation, and get genuine business leads.It will help you overcome financial risk and expand your sales.