Russia’s foreign trade in January-July 2026

In January-July 2026, Russian exports rose to $263.4 bn (up 12.5% compared to 2025). This growth was driven by mineral products, metals and agricultural and food products, while exports of machinery and equipment declined. Imports increased to $174.2 bn (up 12.0% compared to 2025), with appreciation of the real ruble exchange rate.
China retained its position as Russia’s largest trading partner, accounting for approximately 30% of Russian exports and 40% of imports. Between January and August, Chinese imports of Russian oil increased, with Russia’s share in total imports reaching 22.8%. The price discount on Russian oil relative to other suppliers widened during the summer owing to a shortage of Middle Eastern oil, but narrowed to 5.2% in August. Shipments from China to Russia rose to $82.0 bn (+26.7%), however, the Russian market’s share in total Chinese exports remained below the 2024 level, partly owing to the incomplete recovery of car supplies.