Russia is Australia’s 48th largest trading partner. Total goods and services trade amounted to $1.2 billion, a small 0.1% of Australia’s trade portfolio. Australian goods exports to Russia amounted to about $800 million in 2018, including live animals, meat, hides and skins and goods vehicles. Imports from Russia totalled about $400 million in 2018, including fertilisers, refined petroleum and wood manufacturing products. Australia’s imports of crude petroleum from Russia have declined sharply since peaking in 2014.
Service exports to Russia amounted to a small $172 million in 2018 (or 0.2% of total service exports). This comprised mainly of tourism and education related services. Sanctions and a weaker rouble in recent years relative to the 2010-2014 period have contributed to slower demand for Australian services.
Bilateral investment between Russia and Australia is small. Australian investment in Russia has remained relatively stable at around $2 billion to $2.5 billion since 2016, or 0.1% of total outbound investment. Russian investment in Australia is very low.