U.S. Ran $1,049,100,000 Trade Deficit With Russia in May

Terence P. Jeffrey | July 7, 2022 | 2:28pm EDT
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Russian President Vladimir Putin, June 29, 2022. (Photo by contributor/Getty Images)
Russian President Vladimir Putin, June 29, 2022. (Photo by contributor/Getty Images)

(CNSNews.com) - The United States ran a merchandise trade deficit of $1,049,100,000 with Russia in the month of May, according to data released today by the U.S. Census Bureau.

During May, the United States sold $77,400,000 in exports to Russia and purchased $1,126,500,000 in imports, resulting in the trade deficit of $1,049,100,000.

The last time the United States ran a monthly trade surplus with Russia was in December 1995, according to Census Bureau data. That month, the United States exported $256,700,000 in goods to Russia and imported $227,300,000, resulting in a surplus of $29,400,000.

Russia invaded Ukraine in February of this year. That month, the United States ran a trade deficit of $2,080,300,000 with Russia. In March, the U.S. trade deficit with Russia increased to $2,645,200,000. In April, it declined to $1,993,600,000. In May, it declined again to $1,049,100,000.

In 2021, according to the Census Bureau, the U.S. ran an annual merchandise trade deficit with Russia of $23,247,600,000.

In that year, the Census Bureau reports, the United States imported $10,220,506,618 in “fuel oil” from Russia. That was the single largest U.S. import from that country.

The second largest U.S. import from Russia was “crude oil.” The U.S. bought $4,687,853,675 worth of that from Russia.

The third largest was “other precious metals.” The U.S. bought $2,594,065,110 worth of those from Russia.

The fourth largest was defined by the Census Bureau as “petroleum products, other.” The U.S. bought $2,540,331,667 worth of them from Russia.

The fifth largest was “steel-making materials.” The United States bought $1,638,966,123 of those from Russia.

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