EU cuts trade with Russia but continues to buy gas, steel and fertiliser - Eurostat. INFOGRAPHICS
The share of Russian imports of goods to the European Union decreased from 9.5% in February 2022 to 2% as of September 2023. EU exports to Russia fell from 3.8% of all exports outside the EU to 1.4% during the reporting period.
The data was published by Eurostat, Censor.NET reports with reference to LigaBusinessInform.
In March 2022, the EU's peak trade deficit with Russia was €18.6 billion due to high energy prices. The deficit narrowed to €100 million in March 2023 and increased slightly (to €1 billion) as of September 2023.
For the most part, the European Union buys natural gas, petroleum products, nickel, iron, steel and fertilizers from Russia, which account for about two-thirds of Russia's total imports to the EU.
Between the third quarter of 2021 and the third quarter of 2023, Russia's share of natural gas imports to the EU decreased by 27 percentage points. Share in imports of petroleum products – by 25 percentage points, nickel – by 14 percentage points, steel – by 9 percentage points.
In fertilizer trade, the picture is different: Russia's share of EU imports fell from 27% in the third quarter of 2021 to 17% in the third quarter of 2022, but returned to 27% in the third quarter of 2023.
