EU27 trade in goods with Russia partly recovered in 2010, after the sharp drop recorded in 2009 which interrupted a long period of growth. EU27 exports to Russia fell from 105 billion euro in 2008 to 66 bn in 2009, then rose to 86 bn in 2010. Imports decreased from 178 bn in 2008 to 118 bn in 2009, then increased to 160 bn in 2010. As a result, the EU27 trade deficit with Russia increased from 52 bn euro in 2009 to 74 bn in 2010.

The first nine months of 2011 showed continued growth in EU27 trade with Russia. Exports rose from 61 bn in the first nine months of 2010 to 79 bn in the same period of 2011, and imports from 117 bn to 146 bn. As a result, the EU27 trade deficit with Russia increased from 56 bn in the first nine months of 2010 to 67 bn in the same period of 2011. In the first nine months of 2011, Russia was the EU27's third most important trading partner after the USA and China, accounting for 7% of EU27 exports and 12% of EU27 imports.

Germany accounts for about a third of EU27 exports to Russia

Among the EU27 Member States, Germany (25.2 bn euro or 32% of EU exports) was by far the largest exporter to Russia in the first nine months of 2011, followed by Italy (6.9 bn or 9%), France (5.4 bn or 7%) and the Netherlands (5.1 bn or 6%). Germany (26.9 bn or 18% of EU imports) was also the largest importer, followed by the Netherlands2 (19.7 bn or 13%), Poland (13.1 bn or 9%), Italy (12.8 bn or 9%) and France (10.1 bn or 7%).

Most Member States recorded deficits in trade with Russia in the first nine months of 2011, the largest being observed in the Netherlands (-14.6 bn euro), Poland (-8.6 bn), Italy (-5.9 bn), France (-4.7 bn) and Finland (-4.5 bn). Surpluses were modest and all below 0.5 bn.

Just over 85% of EU27 exports to Russia in the first nine months of 2011 were manufactured goods, while energy accounted for more than three quarters of imports.