U.S. Bought $508,600,000 in Imports from Russia in January; Ran $464,000,000 Bilateral Trade Deficit
U.S. Bought $508,600,000 in Imports from Russia in January; Ran $464,000,000 Bilateral Trade Deficit
An image of Russian President Vladimir Putin is displayed as President Joe Biden speaks about gas prices at White House, June 22, 2022. (Photo by Drew Angerer/Getty Images)
(CNSNews.com) - This January, eleven months after Russia invaded Ukraine, the United States bought $508,600,000 in Russian imports, according to data released today by the U.S. Census Bureau.
After Russia’s invasion of Ukraine, the United States imposed trade restrictions on Russia.
“In April 2022,” the Congressional Research Service reports, “Congress passed legislation prohibiting the import of Russian oil and other energy products. In 2021, approximately 8% of U.S. imports of fossil fuels came from Russia.
“The Administration has further provided broad discretion to executive branch agencies to prohibit additional U.S. exports and imports from Russia,” said CRS.
While importing $508,600,000 in goods from Russia in January, the United States exported only $44,600,000 to that country. The result was a January bilateral trade deficit with Russia of $464,000,000.
That was significantly less than the January 2022 trade deficit with Russia, when the United States imported $1,959,400,000 in goods from Russian and exported $396,800,000 in goods to Russia, resulting in a bilateral trade deficit of $1,562,500,000 for that month.
In calendar year 2022, the United States ran a trade deficit of $12,742,700,000 with Russia. This resulted from the United States importing $14,457,800 in goods from Russia while importing on $14,457,800,000 in goods to Russia.
In 2021, President Joe Biden’s first year in office, the United States ran a $23,247,600,000 trade deficit with Russia. That year, the United States imported $29,634,700,000 in goods from Russia, while exporting only $6,367,100,000.
In 2020, President Donald Trump last full year in office, the United ran a $12,010,500,000 trade deficit with Russia. That year, the United States imported $16,899,600,000 in goods from Russia, while exporting only $4,889,000,000.
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