Russia was Australia’s 46th largest trading partner in 2020. The COVID-19 pandemic has disrupted bilateral trade over the past couple of years. Live animals, starches and glutens and specialised machinery and parts are Australia’s primary exports to Russia. Australia mainly imports fertilisers, crude oil and salts of inorganic acids and metals from Russia. Australia’s imports of crude petroleum from Russia have been declining since 2014.
The pandemic has hurt services trade over the past couple of years. Student enrolments have been declining since their peak in 2014. Tourist arrivals slumped due to international travel restrictions. The ongoing pandemic points to another year of uncertainty for education and tourism exports in 2022.
Bilateral investment between the two countries is very low and fell during the pandemic. Australian investment is mostly in mining equipment, technology and services. Russian investment in Australia is negligible. US sanctions on Russia will likely continue to hinder potential for growth in bilateral trade and investment.
