Russia was Australia’s 49th largest trading partner in 2016, with total goods and services trade making up a miniscule 0.1% of Australia’s trade portfolio. Two-way merchandise trade between Australia and Russia was worth A$697m in 2016, down from A$1.8b in 2014. Australian merchandise exports to Russia in 2016 were worth A$480m and imports from Russia totalled A$220m.
Australian exports to Russia in 2016 included live animals, sugars, meat, molasses and honey. Russian sanctions weighed heavily on beef, dairy and wheat exports—which constitute the bulk of our shipments to Russia. Crude petroleum accounts for the majority of Australia’s imports from Russia.