Date,
Time MSK

03.02.2016



Italian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Italian-Russian bilateral trade volume decreased by 31% and reached 20.3 billion USD compared to 29.7 billion USD in the same period of 2014.


Italian exports to Russia fell to 6.5 billion USD (by 40%) while imports fell to 13.8 billion USD (by 26%) (see Figure 1).



Figure 1. 2007-2015 Italian-Russian bilateral trade turnover, billion USD. Source: ITC Trade Map.

Figure 1. 2007-2015 Italian-Russian bilateral trade turnover, billion USD.png

* 2015 data includes January – October



Italian exports to Russia


Italy primarily exports to Russia the following products (see Figure 2, Table 1):



In the first 10 months of 2015 the imports of Italian made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 62%; the imports of articles of iron or steel - by 59%.



Figure 2. Structure of Italian Exports to Russia, January – October 2015. Source: ITC Trade Map.

Figure 2. Structure of Italian Exports to Russia, January – October 2015.png




Table 1. Key products exported from Italy to Russia in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Italian products

84

Machinery, nuclear reactors, boilers, etc

$3,392,824

$2,183,254

-36%

8.9

1.9

94

Furniture, lighting, signs, prefabricated buildings

$803,551

$479,723

-40%

10

11.9

62

Articles of apparel, accessories, not knit or crochet

$884,993

$488,998

-45%

6.1

14.9

85

Electrical, electronic equipment

$521,592

$304,443

-42%

2.4

3.4

64

Footwear, gaiters and the like, parts thereof

$620,665

$337,429

-46%

10.1

8.4

39

Plastics and articles thereof

$316,590

$221,839

-30%

4.6

7.2

30

Pharmaceutical products

$306,345

$209,008

-32%

5.8

5.5

61

Articles of apparel, accessories, knit or crochet

$368,326

$205,351

-44%

4.4

22.8

87

Vehicles other than railway, tramway

$415,899

$156,167

-62%

1.4

12.6

73

Articles of iron or steel

$329,802

$135,308

-59%

6.4

9.3

90

Optical, photo, technical, medical, etc apparatus

$195,522

$120,662

-38%

3.3

2.8

33

Essential oils, perfumes, cosmetics, toileteries

$151,787

$99,421

-34%

7.5

9.7

22

Beverages, spirits and vinegar

$159,381

$85,735

-46%

14.9

27.7

88

Aircraft, spacecraft, and parts thereof

$25,548

$60,390

136%

0.1

7.9



Russian exports to Italy


In the first 10 months of 2015 Russia has exported to Italy the following products (see Figure 3, Table 2):



The first 10 months of 2015 showed a significant rise in Russian exports to Italy of copper and articles thereof (+ 395%). At the same time the exports of raw hides and skins (other than furskins) and leather (- 59%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Italy January – October 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Italy January – October 2015.png



Table 2. Key products exported from Russia to Italy in January – October 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume, 10 months 2014, USD thousand

Volume, 10 months 2015, USD thousand

Growth in 2015, %

Share in total product imports, %

27

Mineral fuels, oils, distillation products, etc

$15,465,530

$10,879,705

-30%

24.7

72

Iron and steel

$1,021,079

$983,867

-4%

6.2

71

Pearls, precious stones, metals, coins, etc

$191,222

$260,464

36%

2.4

74

Copper and articles thereof

$41,561

$205,878

395%

0.7

76

Aluminium and articles thereof

$210,608

$176,157

-16%

4.1

88

Aircraft, spacecraft, and parts thereof

$165,834

$172,748

4%

7.5

48

Paper and paperboard, articles of pulp, paper and board

$84,427

$95,076

13%

1.6

31

Fertilizers

$38,098

$75,330

98%

5.1

44

Wood and articles of wood, wood charcoal

$87,086

$72,410

-17%

2.1

23

Residues, wastes of food industry, animal fodder

$77,528

$56,221

-27%

3.3

41

Raw hides and skins (other than furskins) and leather

$112,115

$46,455

-59%

2.4

40

Rubber and articles thereof

$35,243

$44,957

28%

0.8

85

Electrical, electronic equipment

$54,450

$44,279

-19%

0.2

10

Cereals

$56,411

$44,108

-22%

1.6



Table 3. represents basic macroeconomic and foreign trade indicators for both countries.




Table 3. Macroeconomic Indicators for Russia and Italy. Source: IMF World Economic Outlook Database, April 2015


Macroeconomic Indicator

Russia

Italy

GDP in 2014, billion dollars

1,857.461

2,147.952

Estimated GDP in 2015, billion dollars

1,175.996

1,842.835

Inflation, average consumer prices, %

7.82

0.217

Volume of imported goods, billion dollars

282.6

474

Volume of exported goods, billion dollars

492.1

529

Unemployment rate, %

5.10

12.8

Population, millions

143.7

59.96


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