Bilateral trade between the countries jumped 50% from February to March, according to RIA Novosti
Russia and the US posted a 50% month-over-month uptick in bilateral trade in March, RIA Novosti reported on Thursday, citing customs data. The surge was reportedly driven by a significant increase in Moscow’s exports of fertilizers and other agricultural products to the US.
Russia faced unprecedented sanctions from the West following the escalation of the Ukraine conflict in February 2022. While Russian fertilizers and grain have not been directly targeted by the restrictions, the exports have been affected by financial, shipping, and insurance constraints introduced against Moscow.
Bilateral trade reached a two-year high of $573 million in March, marking a 50% increase compared to February. This was the highest figure recorded for trade between the countries since March 2023, when it totaled $628.5 million.
The US boosted its import of Russian fertilizers to $219 million in March. America also imported significant quantities of platinum ($87.5 million), plywood ($6 million), and phosphates ($5 million) that month.
Meanwhile, Russian imports from the US reportedly remained at their February level of $50 million, and were dominated by vaccines ($14.8 million), medical instruments ($6.2 million), food products ($5.7 million), and lab equipment ($3.7 million).
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