Date,
Time MSK

04.02.2016



Bulgarian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Bulgarian-Russian bilateral trade volume decreased by 36% and reached 3.3 billion USD compared to 5.1 billion USD in the same period of 2014.


Bulgarian exports to Russia fell to 0.4 billion USD (by 38%) while imports fell to 2.9 billion USD (by 36%) (see Figure 1).


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

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

* 2015 data includes January – October


Bulgarian exports to Russia


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

▪ Pharmaceutical products (30%)

▪ Machinery, nuclear reactors, boilers, etc (22%)

▪ Electrical, electronic equipment (9%)

▪ Tobacco and manufactured tobacco substitutes (3%)

▪ Essential oils, perfumes, cosmetics, toileteries (2%)

▪ Articles of iron or steel (2%)

▪ Residues, wastes of food industry, animal fodder (2%)

▪ Plastics and articles thereof (2%)

▪ Miscellaneous chemical products (1%)

▪ Vegetable, fruit, nut, etc food preparations (1%)

▪ Ores, slag and ash (1%)

▪ Paper and paperboard, articles of pulp, paper and board (1%)

▪ Wadding, felt, nonwovens, yarns, twine, cordage, etc (1%)

▪ Albuminoids, modified starches, glues, enzymes (1%)


In the first 10 months of 2015 the imports of Bulgarian made products in Russia experienced a significant fall. The imports of pharmaceutical products fell by 47%; the imports of vegetable, fruit, nut, etc food preparations - by 45%.


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

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


Table 1. Key products exported from Bulgaria 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 Bulgarian products

30

Pharmaceutical products

$208,534

$110,428

-47%

84

Machinery, nuclear reactors, boilers, etc

$125,115

$81,429

-35%

0.3

1.9

85

Electrical, electronic equipment

$40,097

$34,520

-14%

0.1

3.4

24

Tobacco and manufactured tobacco substitutes

$8,058

$11,177

39%

1.5

13

23

Residues, wastes of food industry, animal fodder

$6,351

$7,933

25%

0.1

4.9

33

Essential oils, perfumes, cosmetics, toileteries

$10,952

$6,542

-40%

0.5

9.7

39

Plastics and articles thereof

$8,914

$6,385

-28%

0.1

7.2

73

Articles of iron or steel

$4,162

$5,988

44%

0.1

9.3

26

Ores, slag and ash

$1,972

$5,367

172%

0.2

1.5

48

Paper and paperboard, articles of pulp, paper and board

$3,259

$4,997

53%

0

9.3

20

Vegetable, fruit, nut, etc food preparations

$7,643

$4,238

-45%

0.6

10.8

38

Miscellaneous chemical products

$5,420

$3,702

-32%

0.1

4.3

35

Albuminoids, modified starches, glues, enzymes

$5,593

$3,637

-35%

1.2

5.2

56

Wadding, felt, nonwovens, yarns, twine, cordage, etc

$668

$2,814

321%

0.1

6



Russian exports to Bulgaria


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


▪ Mineral fuels, oils, distillation products, etc (91%)

▪ Aluminium and articles thereof (2%)

▪ Iron and steel (1%)

▪ Machinery, nuclear reactors, boilers, etc (1%)

▪ Fertilizers (1%)

▪ Railway, tramway locomotives, rolling stock, equipment (0.3%)

▪ Lead and articles thereof (0.3%)

▪ Stone, plaster, cement, asbestos, mica, etc articles (0.2%)

▪ Organic chemicals (0.2%)


The first 10 months of 2015 showed a significant rise in Russian exports to Bulgaria of aluminium and articles thereof (+331%). At the same time the exports of mineral fuels, oils, distillation products, etc (-35%) showed a significant fall (see Table 2).


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

Figure 3. Structure of Russian Exports to Bulgaria, January  October 2015.png


Table 2. Key products exported from Russia to Bulgaria 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, %

27

Mineral fuels, oils, distillation products, etc

$4,048,442

$2,631,830

-35%

67.7

76

Aluminium and articles thereof

$12,316

$53,066

331%

4.9

72

Iron and steel

$37,826

$40,948

8%

4.1

84

Machinery, nuclear reactors, boilers, etc

$24,323

$21,091

-13%

0.8

31

Fertilizers

$20,897

$22,633

8%

9.5

74

Copper and articles thereof

$789

$13,790

1648%

0.1

48

Paper and paperboard, articles of pulp, paper and board

$19,266

$12,303

-36%

4.3

40

Rubber and articles thereof

$10,126

$11,319

12%

3.3

86

Railway, tramway locomotives, rolling stock, equipment

$2,633

$9,442

259%

3.3

78

Lead and articles thereof

$9,380

$7,587

-19%

18.5

29

Organic chemicals

$2,420

$6,543

170%

1

68

Stone, plaster, cement, asbestos, mica, etc articles

$4,823

$5,178

7%

5.8

87

Vehicles other than railway, tramway

$3,502

$3,421

-2%

0.2

33

Essential oils, perfumes, cosmetics, toileteries

$223

$1,389

523%

0.3


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



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


Macroeconomic Indicator

Russia

Bulgaria

GDP in 2014, billion dollars

1,857.461

55.837

Estimated GDP in 2015, billion dollars

1,175.996

51.551

Inflation, average consumer prices, %

7.82

-1.6

Volume of imported goods, billion dollars

282.6

34.7

Volume of exported goods, billion dollars

492.1

29.4

Unemployment rate, %

5.10

10.9

Population, millions

143.7

7.2





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