The economic impact of the Russian invasion of Ukraine can be seen in the US trade data. U. S. news releases tuesday.
Russia and Ukraine had their worst April for U. S. industry in 20 years, according to the most recent data from the U. S. Census Bureau. USA This excludes the pandemic-affected year 2020 for Russia and Ukraine.
Although the Russian invasion began in the last week of February, April would be the first full month with strong Western sanctions against Russia in position and the sending of the Black Sea to or from Ukraine strangled by the Russian blockade.
Although the U. S. industry is not very much in the world. In the U. S. declined in April compared to the previous month, the U. S. industry declined in April. The U. S. with Russia fell by 23. 73%. That’s more than 3 times the overall U. S. rate of decline. The U. S. economy with the world, which was 6. 35 percent industry with Ukraine more than nine times, to 51. 96 percent.
This is not to say that their April totals were the lowest in the last 20 years; only that last month’s fall is more powerful than any year in two decades, except, in the case of Russia, for 2020.
Neither Russia nor Ukraine are America’s main trading partners. Russia ranked 31st in April, up from 23rd last April, while Ukraine ranked 88th, up from 65th.
Their American industry is also very different.
The Russia-US industry is governed by imports, which account for between 75% and 90% of the industry as a whole. In April, U. S. imports from Russia fell 24. 16%, to the overall drop, as expected.
Nearly a portion of those imports through price and two-thirds through tonnage are subtle oil, a category that includes gasoline, jet fuel and other fuels. In the case of Russia, it is largely what is called “heavy oil” or “bunker fuel oil”, related to maritime use.
In 2021, Russia will be the largest importer of petroleum products in the United States, as was the case in February this year. Canada in the first position in January, March and April.
Ukraine’s industry with the United States is well balanced between exports and imports, and the United States has a small industry surplus.
The main exports to Ukraine in terms of price are passenger vehicles, coal, auto parts, frozen fish, medicines and, this year, ammunition.
Ukraine’s main imports are pig iron, iron ore, sunflower oil, soybeans, seamless iron pipes and tubes.