Following a sharp fall in 2009, EU27 trade in goods with Russia grew strongly in 2010 and 2011 to reach record levels. EU27 exports to Russia fell from 105 billion euro in 2008 to 66 bn in 2009, then rose to 86 bn in 2010 and 108 bn in 2011.

Imports decreased from 178 bn in 2008 to 118 bn in 2009, then increased to 160 bn in 2010 and 199 bn in 2011. As a result, the EU27 trade deficit with Russia rose from 52 bn in 2009 to 74 bn in 2010 and 91 bn in 2011. This increased deficit was due to EU27 imports of energy from Russia, which grew from 120 bn in 2010 to 158 bn in 2011, partially offset by EU27 exports of manufactured goods to Russia, which rose from 74 bn to 95 bn. In 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, Italy and France accounted for half of EU27 exports to Russia

Among the EU27 Member States, Germany (34.3 bn euro or 32% of EU exports) was by far the largest exporter to Russia in 2011, followed by Italy (9.3 bn or 9%) and France (7.5 bn or 7%). Germany (38.0 bn or 19% of EU imports) was also the largest importer, followed by the Netherlands (25.8 bn or 13%), Poland (18.1 bn or 9%), Italy (18.0 bn or 9%) and France (13.2 bn or 7%).

Most Member States recorded deficits in trade with Russia in 2011, the largest being observed in the Netherlands (-18.7 bn euro), Poland (-12.0 bn), Italy (-8.7 bn), France and Spain (both -5.8 bn) and Finland (-5.7 bn). The highest surpluses were recorded in Latvia (0.7 bn) and Slovenia (0.6 bn).

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

EU27 surplus of 12 bn in trade in services with Russia in 2011

EU27 exports of services with Russia increased between 2010 and 2011, while imports remained almost stable. In 2011, the EU27 exported 25.4 bn euro of services to Russia, while imports amounted to 13.6 bn, meaning that the EU27 had a surplus of 11.8 bn in trade in services with Russia, compared with +7.8 bn in 2009 and +9.6 bn in 2010. The surplus in 2011 was mainly due to surpluses for travel (+5.8 bn), other business services (+3.0 bn), computer & information services (+1.5 bn) and financial services (+1.2 bn), partially offset by a deficit in transportation (-1.2 bn). Russia accounted for almost 4% of total extra-EU27 trade in services.

Strong decline of FDI flows between the EU27 and Russia in 2011

EU27 Foreign Direct Investment (FDI) into Russia fell from 26.4 bn euro in 2008 to 8.3 bn in 2009, increased to 18.6 bn in 2010, then turned into a disinvestment of 2.3 bn in 2011, while Russian direct investment into the EU27 increased from 2.0 bn in 2008 to 11.3 bn in 2009, decreased to 7.0 bn in 2010 and fell further to 1.4 bn in 2011.