Date,
Time MSK

04.02.2016



Belgian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Belgian-Russian bilateral trade volume decreased by 37% and reached 10.8 billion USD compared to 17.1 billion USD in the same period of 2014.


Belgian exports to Russia fell to 2.8 billion USD (by 42%) while imports fell to 8 billion USD (by 35%) (see Figure 1).


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

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

* 2015 data includes January – October



Belgian exports to Russia


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


▪ Pharmaceutical products (23%)

▪ Machinery, nuclear reactors, boilers, etc (12%)

▪ Plastics and articles thereof (10%)

▪ Vehicles other than railway, tramway (5%)

▪ Iron and steel (4%)

▪ Organic chemicals (4%)

▪ Optical, photo, technical, medical, etc apparatus (4%)

▪ Electrical, electronic equipment (4%)

▪ Tobacco and manufactured tobacco substitutes (4%)

▪ Essential oils, perfumes, cosmetics, toileteries (3%)

▪ Mineral fuels, oils, distillation products, etc (3%)

▪ Miscellaneous chemical products (3%)

▪ Rubber and articles thereof (2%)

▪ Articles of iron or steel (1%)


In the first 10 months of 2015 the imports of Belgian made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 66%; the imports of articles of iron or steel - by 53%.


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

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


Table 1. Key products exported from Belgium 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 Belgian products

30

Pharmaceutical products

$1,072,651

$650,123

-39%

2.5

5.5

84

Machinery, nuclear reactors, boilers, etc

$595,415

$337,346

-43%

0.7

1.9

39

Plastics and articles thereof

$431,801

$269,723

-38%

3.6

7.2

87

Vehicles other than railway, tramway

$448,499

$151,211

-66%

1.2

12.6

85

Electrical, electronic equipment

$205,158

$124,319

-39%

0.5

3.4

72

Iron and steel

$174,183

$109,578

-37%

3.1

3.8

90

Optical, photo, technical, medical, etc apparatus

$134,041

$105,632

-21%

0.4

2.8

29

Organic chemicals

$149,486

$100,733

-33%

4.5

3.4

24

Tobacco and manufactured tobacco substitutes

$68,641

$98,230

43%

0

13

38

Miscellaneous chemical products

$136,251

$96,009

-30%

5.2

4.3

27

Mineral fuels, oils, distillation products, etc

$115,776

$93,810

-19%

2.9

2.8

33

Essential oils, perfumes, cosmetics, toileteries

$48,519

$81,490

68%

2.3

9.7

40

Rubber and articles thereof

$66,235

$47,369

-28%

0.7

7.1

73

Articles of iron or steel

$62,542

$29,703

-53%

2.4

9.3



Russian exports to Belgium


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


▪ Mineral fuels, oils, distillation products, etc (50%)

▪ Pearls, precious stones, metals, coins, etc (27%)

▪ Iron and steel (9%)

▪ Inorganic chemicals, precious metal compound, isotopes (4%)

▪ Fertilizers (2%)

▪ Oil seed, oleagic fruits, grain, seed, fruit, etc, nes (1%)

▪ Organic chemicals (1%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (1%)

▪ Aluminium and articles thereof (1%)

▪ Wood and articles of wood, wood charcoal (1%)

▪ Miscellaneous chemical products (0.3%)

▪ Paper and paperboard, articles of pulp, paper and board (0.2%)

▪ Other base metals, cermets, articles thereof (0.2%)

▪ Machinery, nuclear reactors, boilers, etc (0.2%)


The first 10 months of 2015 showed a significant rise in Russian exports to Belgium of miscellaneous chemical products (+150%). At the same time the exports of machinery, nuclear reactors, boilers, etc (-53%) showed a significant fall (see Table 2).


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

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


Table 2. Key products exported from Russia to Belgium 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

$7,123,541

$3,992,285

-44%

10.6

71

Pearls, precious stones, metals, coins, etc

$3,055,934

$2,167,090

-29%

16.8

72

Iron and steel

$911,599

$728,476

-20%

9

28

Inorganic chemicals, precious metal compound, isotopes

$406,423

$343,503

-15%

14

31

Fertilizers

$100,961

$139,364

38%

9.3

29

Organic chemicals

$111,833

$114,026

2%

0.4

76

Aluminium and articles thereof

$131,956

$96,435

-27%

5

25

Salt, sulphur, earth, stone, plaster, lime and cement

$104,593

$94,917

-9%

8.5

12

Oil seed, oleagic fruits, grain, seed, fruit, etc, nes

$79,438

$83,441

5%

4.6

44

Wood and articles of wood, wood charcoal

$50,789

$52,569

4%

1.9

38

Miscellaneous chemical products

$9,805

$24,554

150%

0.2

81

Other base metals, cermets, articles thereof

$16,118

$19,364

20%

6.7

48

Paper and paperboard, articles of pulp, paper and board

$14,680

$18,032

23%

0.3

84

Machinery, nuclear reactors, boilers, etc

$26,820

$12,554

-53%

0.1



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


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

Macroeconomic Indicator

Russia

Belgium

GDP in 2014, billion dollars

1,857.461

534.672

Estimated GDP in 2015, billion dollars

1,175.996

463.799

Inflation, average consumer prices, %

7.82

0.54

Volume of imported goods, billion dollars

282.6

452.8

Volume of exported goods, billion dollars

492.1

472.2

Unemployment rate, %

5.10

8.5

Population, millions

143.7

11.2


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