Russia (RUS) and Greece (GRC) Trade

2023

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Exports $2.64BRnk 28 / 137

2023

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About

Russia-Greece Trade: In 2023, Russia exported $2.64B to Greece. The main products that Russia exported to Greece were Petroleum Gas ($1.63B), Refined Petroleum ($555M), and Raw Aluminium ($289M). Over the past 5 years the exports of Russia to Greece have decreased at an annualized rate of 11.8%, from $4.95B in 2018 to $2.64B in 2023.

In 2020, Russia exported services to Greece worth $57.8M, with Transportation ($37.5M), Other business services ($9.44M), and Communications services ($4.31M) being the largest in terms of value.

Greece-Russia Trade: In 2023, Greece exported $95.2M to Russia. The main products that Greece exported to Russia were Lifting Machinery ($14.2M), Raw Tobacco ($10.3M), and Other Processed Vegetables ($8.72M). Over the past 5 years the exports of Greece to Russia have decreased at an annualized rate of 18.5%, from $326M in 2018 to $95.2M in 2023.

In 2020, Greece exported services to Russia worth $287M, with Transportation ($247M), Travel ($16.9M), and Other business services ($13.7M) being the largest in terms of value.

Comparison: In 2023, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B). That same year, Greece ranked 46 in the Economic Complexity Index (ECI 0.4), and 56 in total exports ($53.3B).

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $362M and imported $20.3M from Greece, resulting in a positive trade balance of $341M. Between January 2021 and January 2022 the exports of Russia have increased by $164M (83.2%) from $197M to $362M, while imports increased by $7.97M (64.6%) from $12.3M to $20.3M.

Trade In January 2022, the top exports of Russia to Greece were Refined Petroleum ($124M), Commodities not elsewhere specified ($49.4M), Raw Aluminium ($8.79M), Wheat ($8.35M), and Aluminium Wire ($1.11M). In January 2022 the top imports of Russia from Greece were Scrap Copper ($1.61M), Packaged Medicaments ($1.43M), Copper Pipes ($818k), Refractory Cements ($676k), and Other Processed Vegetables ($555k).

Origins In January 2022 the exports of Russia were mainly from MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($287M), SVERDLOVSK REGION ($28.8M), REPUBLIC OF KHAKASSIA ($17.8M), KRASNODAR TERRITORY ($5.11M), and KRASNOYARSK TERRITORY ($4.69M), while imports destinations were mainly MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($5.78M), AMUR REGION ($5.52M), MOSCOW REGION ($2.71M), ST. PETERSBURG ($2.26M), and KRASNODAR TERRITORY ($747k).

Growth In January 2022, the increase in Russia's year-by-year exports to Greece was explained primarily by an increase in product exports in Commodities not elsewhere specified ($9.07M or 22.5%), Raw Aluminium ($8.41M or 2.23k%), and Wheat ($6.65M or 391%). In January 2022, the increase in Russia's year-by-year imports from Greece was explained primarily by an increase in product imports in Packaged Medicaments ($1.27M or 778%), Scrap Copper ($1.03M or 178%), and Refractory Cements ($239k or 54.6%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$164M(83.2%)

IMPORT GROWTH (January 2021 - January 2022)$7.97M(64.6%)

MAIN EXPORTER (January 2022)MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION$287M

This section shows exports and imports data at subnational level for Russia. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Russia over time.

To check Greece and Russia trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Russia exported $2.64B to Greece. The main products exported from Russia to Greece were Petroleum Gas ($1.63B), Refined Petroleum ($555M), and Raw Aluminium ($289M). During the last 5 years the exports of Russia to Greece have decreased at an annualized rate of 11.8%, from $4.95B in 2018 to $2.64B in 2023.

In 2018, Greece exported $95.2M to Russia. The main products exported from Greece to Russia were Lifting Machinery ($14.2M), Raw Tobacco ($10.3M), and Other Processed Vegetables ($8.72M). During the last 5 years the exports of Greece to Russia have decreased at an annualized rate of 18.5%, from $326M in 2023 to $95.2M in 2018.

Exports from Russia () to Greece () (2023)

Exports from Greece () to Russia () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$129B

Greece
Top DestinationItaly$6.21B

This map shows whether countries import more from Russia or Greece. Each country is colored based on the difference in imports they receive from Russia and Greece or the difference in the growth in imports.

In 2023, countries that imported more from Russia than Greece included China ($129B), India ($66.1B), and Turkey ($31B).

In 2023, countries that imported more from Greece than Russia included Cyprus ($3.03B), Italy ($6.21B), and Romania ($2.09B).

Difference in imports from Greece () and Russia () (2023)

Comparative Advantage Russia - Greece

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Russia and Greece by product, considering products traded by both, Russia and Greece.

During 2023, Russia had a large net trade with Greece in the exports of Mineral Products ($2.18B), Metals ($324M), and Vegetable Products ($85.9M).

During 2018, Greece had a large net trade with Russia in the exports of Foodstuffs ($31.6M), Machines ($18.7M), and Chemical Products ($17.8M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Russia Greece+$343MCrude Petroleum

Top Product Potential Greece Russia+$8.25MPackaged Medicaments

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Grc Year

Rus Year

In 2020, Russia exported services to Greece worth $57.8M, with Transportation ($37.5M), Other business services ($9.44M), and Communications services ($4.31M) being the largest in terms of value.

In 2020, Greece exported services to Russia worth $287M, with Transportation ($247M), Travel ($16.9M), and Other business services ($13.7M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Russia () to Greece () (2020)

Services Exports from Greece () to Russia () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Russia and Greece. This means that a dot/product with the flag of Russia indicates it has a comparative advantage over Greece. Similarly, a dot/product with the flag of Greece indicates it has a comparative advantage over Russia.

Product Space of Russia () and Greece () (2023)

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