Trade Between Russia and the EU Falls Below 5 Billion Euros for the First Time Since 1999

This June, trade between Russia and the European Union (EU) amounted to 4.9 billion euros, marking a 10 percent decline month-on-month. This is the lowest figure since September 1999, when trade stood at 4.6 billion euros, according to РИА Новости, citing the European Statistical Office.

Eurostat highlights that the most significant drop in trade occurred with Portugal, which plummeted 4.3 times to 13.2 million euros, as well as with the Czech Republic and Ireland, where trade fell by about half, to 121.5 and 41.5 million euros, respectively.

Conversely, trade with some countries increased in June. Trade with Bulgaria and Romania grew by 15%, reaching 55.8 and 12.3 million euros, respectively. There was also a rise in trade with the Netherlands (+10%) and Croatia (+7%).

Additionally, in June, the supply of Russian goods to the EU decreased by 14% compared to May, totaling 2.5 billion euros, marking the lowest figure since 1999.

The main components of Russian exports to the European Union are gas (1.1 billion euros), oil and petroleum products (333 million euros), as well as iron and steel (164 million euros).

At the same time, supplies of European products to Russia fell by 5% in June month-on-month, reaching 2.4 billion euros.