U.S imported goods worth US$732 million from Russia in the month of October 2022, more than double the US$332 million imports booked in the month of September 2022.
This is according to the “Monthly U.S International Trade in Goods and Services, October 2022” released by the U.S Census Bureau and the U.S Bureau of Economic Analysis announced on Wednesday.
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The US$732 million import in October 2022 is still a far cry from the N2.45 billion import recorded in October 2021 (Sept. 2021: US$2.58 billion).
In the same month of October under review, the U.S exported goods worth US$80 million (Oct. 2021:US$US$524mn), 11% lower than the US$90 million recorded in September 2021 (Sept. 2021:US$576mn)
Year-to-Date, Imports stood at US$13.22bn while Exports stood at US$1.54bn. At the same time in 2021, Imports stood at US$24.97bn while Exports stood at US$5.31bn.
An analysis of the report by Investogist shows that the United States did not trade any Crude oil with Russia in September and October.
Following the launch of Russia’s military operation in Ukraine in February, Washington slapped Moscow with sanctions, banning some Russian goods from US shores. Restrictions largely targeted Russian energy exports, but also included alcohol, seafood products, and non-industrial diamonds. US imports from the country were steadily dropping up until August, which marked the first monthly increase.
According to the Census Bureau, fertilizers were the largest US import from Russia in October, with imports surpassing even those seen prior to the Ukraine crisis. Other major Russian shipments included iron, steel, and nonferrous metals.
Overall, the data shows that U.S exports in October were US$256.6bn, US$1.9bn less than September exports. October imports were US$334.8bn, US$2.2bn more than September imports.
The October increase in the goods and services deficit reflected an increase in the goods deficit of $6.1 billion to $99.6 billion and an increase in the services surplus of $2.1 billion to $21.4 billion.
Year-to-date, the goods and services deficit increased $136.9 billion, or 19.9 percent, from the same period in 2021. Exports increased $415.3 billion or 19.8 percent. Imports increased $552.2 billion or 19.8 percent.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
