Following a sharp fall in 2009, EU27 international trade in goods with Russia has grown strongly since then to reach record levels in 2012. After falling from 105 billion euro in 2008 to 66 bn in 2009, EU27 exports to Russia have risen continuously to a peak of 123 bn in 2012.

Imports followed the same pattern: a fall from 178 bn in 2008 to 118 bn in 2009, then continuous growth to a record level of 213 bn in 2012. As a result, the EU27 trade deficit with Russia rose from 52 bn in 2009 to 90 bn in 2012. The deficit in 2012 is primarily due to EU27 imports of energy from Russia (163 bn), partially offset by EU27 exports of manufactured goods (108 bn). In 2012, 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, Italy and France main EU27 exporters to Russia

Among the EU27 Member States, Germany (37.9 bn euro or 31% of EU exports) was by far the largest exporter to Russia in 2012, followed by Italy (10.0 bn or 8%) and France (9.1 bn or 7%). Germany (39.8 bn or 19% of EU imports) was also the largest importer, followed by the Netherlands (29.4 bn or 14%), Poland (21.6 bn or 10%) and Italy (18.3 bn or 9%).

Most Member States recorded deficits in trade with Russia in 2012, the largest being observed in the Netherlands (-21.1 bn euro), Poland (-13.8 bn), Italy (-8.3 bn), the United Kingdom (-5.9 bn), Greece (-5.5 bn) and Spain (-5.0 bn). The highest surpluses were recorded in Denmark (+0.9 bn) and Slovenia (+0.8 bn).

Just over 85% of EU27 exports to Russia in 2012 were manufactured goods, while energy accounted for more than three quarters of imports.

EU27 surplus of 13 bn in international trade in services with Russia in 2012

In 2012, the EU27 exported 28.3 bn euro of services to Russia, while imports amounted to 15.3 bn, meaning that the EU27 had a surplus of 13.1 bn in trade in services with Russia, compared with +9.8 bn in 2010 and +9.6 bn in 2011. The surplus in 2012 was mainly due to surpluses for travel (+7.9 bn), computer & information services (+2.0 bn), other business services (+1.2 bn), financial services (+1.0 bn) and royalties and licence fees (+0.9 bn). Russia accounted for almost 4% of total extra-EU27 trade in services.

Large fluctuations in EU27 FDI flows with Russia

EU27 Foreign Direct Investment (FDI) into Russia rose from 8.8 bn euro in 2009 to 27.6 bn in 2010, fell to 8.2 bn in 2011, then increased to 9.4 bn in 2012, while Russian direct investment into the EU27 decreased from 12.5 bn in 2009 to 7.0 bn in 2010 and 1.8 bn in 2011 and then rose to 7.4 bn in 2012.