Russia’s foreign trade in the first quarter of 2025 painted a mixed picture of resilience in some areas and ongoing hurdles in others, shaped by the evolving geopolitical and economic backdrop. While total exports dipped compared to the same time last year, imports held steady, and the metal sector stood out as one of the few segments showing growth.
Russia’s exports reached $94.85 billion from January through March, down 6.8% from $101.76 billion in Q1 2024. This decline was largely tied to lower revenues from energy exports, particularly mineral products, as global prices cooled and Western sanctions continued to weigh on trade with Europe.
Imports, by contrast, held their ground. Russia brought in $63.1 billion worth of goods during the quarter, almost unchanged from the $63.08 billion recorded a year earlier. This stability reflects consistent domestic demand and growing trade ties with countries outside the Western bloc.
Export earnings from metals and related products rose from $13.80 billion in Q1 2024 to $14.21 billion in Q1 2025, a 2.9% increase year over year.
Meanwhile, imports of metal products dipped slightly, falling 2% from $4.10 billion to $4.01 billion.
This growth in exports points to steady demand from Russia’s key trade partners, particularly in Asia, Türkiye, and parts of Africa. Despite a challenging global environment, Russian metal producers, especially in the ferrous and non-ferrous segments, appear to be holding their competitive edge.
The small drop in metal imports may be linked to ramped-up domestic production and a shift toward sourcing from allied or "friendly" countries. It’s also in line with Russia’s broader push to reduce its reliance on Western suppliers and reorient trade toward more politically aligned partners.
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