In the past two years, U.S. trade with Russia has experienced a significant decline, reaching levels not seen since the aftermath of the Soviet Union's collapse three decades ago. According to recent data from the U.S. Census Bureau, U.S. exports to Russia have plummeted by 91%, while imports have dropped by 85% when comparing the first 11 months of 2023 to the same period in 2021. This results in an overall decline of 86% in total trade.
To put this into perspective, the total trade in November of last year amounted to $4.81 billion, which is only slightly higher than the total trade recorded in 1993 when Russia's trade was no longer reported as part of the former Soviet Union. The following year, in 1994, the total trade exceeded $5.82 billion. When the annual data for 2023 is released in February, it is unlikely that Russian trade will surpass the 1994 total.
