{"id":11730,"date":"2022-03-08T14:43:19","date_gmt":"2022-03-08T20:43:19","guid":{"rendered":"http:\/\/blog.uwsp.edu\/cps\/?p=11730"},"modified":"2022-03-08T14:43:20","modified_gmt":"2022-03-08T20:43:20","slug":"wisconsin-trade-with-the-russian-federation","status":"publish","type":"post","link":"https:\/\/blog.uwsp.edu\/cps\/2022\/03\/08\/wisconsin-trade-with-the-russian-federation\/","title":{"rendered":"Wisconsin Trade with the Russian Federation"},"content":{"rendered":"\n
\"Wisconsin<\/figure>\n\n\n\n

No matter how long the military conflict continues, the growing atrocities committed by the Russian Federation against Ukraine will likely result in the United States and its allies sustaining economic sanctions against Russia for a prolonged period of time. This blog will take a quick look at international trade between Wisconsin and Russia.<\/p>\n\n\n\n

Although overall the Russian Federation is not a significant partner for Wisconsin in international trade, the military aggression by Russia will certainly have a direct impact on Wisconsin firms that have conducted business with the country. Table 1 below shows Wisconsin imports from Russia over the past five years. Though 2021 holds the record for highest volume of total imports at $26 million, Russia accounted for only 0.07% of total Wisconsin imports last year. In the past five years, Russia accounted for less than 0.10% of total Wisconsin imports in each year.<\/p>\n\n\n\n

Table 1: Wisconsin Imports (millions of dollars) 2017-21<\/strong><\/p>\n\n\n\n

\"Table
Source: International Trade Commission TradeStats Express <\/em><\/figcaption><\/figure>\n\n\n\n

As shown in Table 2 below, the top product imports from Russia in 2021 were cleaning compounds and boilers, tanks and shipping containers. <\/p>\n\n\n\n

Table 2: Top 5 Product Imports from\nRussia in 2021<\/strong><\/p>\n\n\n\n

\"Table
Source: International Trade Commission TradeStats Express <\/em><\/figcaption><\/figure>\n\n\n\n

Table 3 below shows Wisconsin\nexports to Russia for the past five years. 2020 had the highest volume of\nexports at $121 million, with exports to Russia decreasing to $109 million in\n2021. As a percentage of total Wisconsin exports, 2020 export volume was the\nhighest at 0.59%, while 2021 export volume was the lowest at 0.44%. In the past\nfive years, Russia accounted for less than 0.60% of total Wisconsin exports in\neach year. <\/p>\n\n\n\n

Table 3: Wisconsin Exports (millions of dollars) 2017-21<\/strong><\/p>\n\n\n\n

\"Table
Source: International Trade Commission TradeStats Express <\/em><\/figcaption><\/figure>\n\n\n\n

As shown in Table 4 below, the top\nexported products to Russia in 2021 were machinery and cattle. <\/p>\n\n\n\n

Table 4: Top 5 Product Exports to\nRussia in 2021<\/strong><\/p>\n\n\n\n

\"Table
Source: International Trade Commission TradeStats Express <\/em><\/figcaption><\/figure>\n\n\n\n

Finally, Table 5 below shows the\nimpact of net exports to Russia on the Wisconsin economy over the past five\nyears. Net exports to Russia have not had a significant impact on the total\nWisconsin economy, with net exports to Russia comprising less than 0.04% in\neach year.<\/p>\n\n\n\n

Table 5: Net Exports to Russian Federation as a Percentage of Wisconsin GDP<\/strong><\/p>\n\n\n\n

\"Table
Source: International Trade Commission TradeStats Express, Bureau of Economic Analysis<\/em><\/figcaption><\/figure>\n\n\n\n

Generally, the greatest economic impact on Wisconsin residents of the Russian invasion of Ukraine will likely be increased energy prices and the potential for increased product and shipping costs due to higher energy prices. Overall, the Russian Federation is not a significant partner for Wisconsin in international trade, although companies that have dealt directly with Russia will certainly be impacted. Wisconsin net exports to Russia have consistently accounted for a very small amount of Wisconsin GDP, with net exports to Russia comprising less than 0.04% of Wisconsin GDP in each of the past five years. However, the military aggression and subsequent economic sanctions have substantially increased uncertainty in energy markets. Oil, gas and natural gas prices have increased due to market uncertainty and the role that Russia plays as a major global energy provider. An immediate end to the military aggression would solve a lot of problems.<\/p>\n\n\n\n

For further information:<\/strong><\/p>\n\n\n\n

  1. Info from U.S. Government International Trade Commission<\/em>: TradeStats Express<\/a><\/li><\/ol>\n\n\n\n
    \"Kevin<\/figure>
    \n

    Kevin Bahr is a professor emeritus of finance and chief analyst of the Center for Business and Economic Insight<\/a> in the Sentry School of Business and Economics at the University of Wisconsin-Stevens Point. <\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

    No matter how long the military conflict continues, the growing atrocities committed by the Russian Federation against Ukraine will likely result in the United States and its allies sustaining economic sanctions against Russia for a prolonged period of time. This blog will take a quick look at international trade between Wisconsin and Russia. Although overall […]<\/p>\n","protected":false},"author":136,"featured_media":11744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,527,12],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/11730"}],"collection":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/comments?post=11730"}],"version-history":[{"count":4,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/11730\/revisions"}],"predecessor-version":[{"id":11745,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/11730\/revisions\/11745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/media\/11744"}],"wp:attachment":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/media?parent=11730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/categories?post=11730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/tags?post=11730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}