Russian Imports Seem to Have Stabilized

The latest data imply that little has changed since August.

The U.S. dollar value of exports to Russia from the major manufacturing nations¹ has been roughly flat since August. The average monthly value of exports to Russia in August-October was 24% below the average monthly value before the invasion, and is 56% higher than the March-May 2022 monthly average.

While much of the rebound in Russian imports is attributable to higher exports from China and Turkey, exports from Korea and Taiwan have also been rising briskly since the summer and are now running just 30% below pre-invasion levels.