Date,
Time MSK

05.02.2016



Greek-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Greek-Russian bilateral trade volume decreased by 47% and reached 3.2 billion USD compared to 6.1 billion USD in the same period of 2014.


Greek exports to Russia fell to 0.2 billion USD (by 53%) while imports fell to 3 billion USD (by 47%) (see Figure 1).



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

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

* 2015 data includes January – October



Greek exports to Russia


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


▪ Furskins and artificial fur, manufactures thereof (22%)

▪ Machinery, nuclear reactors, boilers, etc (8%)

▪ Mineral fuels, oils, distillation products, etc (8%)

▪ Tobacco and manufactured tobacco substitutes (7%)

▪ Aluminium and articles thereof (7%)

▪ Vegetable, fruit, nut, etc food preparations (7%)

▪ Plastics and articles thereof (6%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (5%)

▪ Copper and articles thereof (3%)

▪ Miscellaneous chemical products (3%)

▪ Electrical, electronic equipment (3%)

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

▪ Animal,vegetable fats and oils, cleavage products, etc (2%)

▪ Footwear, gaiters and the like, parts thereof (1%)


In the first 10 months of 2015 the imports of Greek made products in Russia experienced a significant fall. The imports of electrical, electronic equipment fell by 70%; the imports of essential oils, perfumes, cosmetics, toileteries - by 35%.


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

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



Table 1. Key products exported from Greece 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 Greek products

43

Furskins and artificial fur, manufactures thereof

$81,369

$42,714

-48%

7.1

6.1

27

Mineral fuels, oils, distillation products, etc

$14,881

$15,862

7%

0

2.8

84

Machinery, nuclear reactors, boilers, etc

$44,973

$15,250

-66%

0.1

1.9

20

Vegetable, fruit, nut, etc food preparations

$25,779

$14,133

-45%

2

10.8

24

Tobacco and manufactured tobacco substitutes

$11,387

$13,951

23%

2.1

13

76

Aluminium and articles thereof

$16,118

$13,594

-16%

1.2

5.6

39

Plastics and articles thereof

$13,102

$11,062

-16%

0.2

7.2

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$20,988

$10,870

-48%

0.6

3.7

85

Electrical, electronic equipment

$19,609

$5,815

-70%

0.1

3.4

74

Copper and articles thereof

$4,707

$5,411

15%

0.6

3

38

Miscellaneous chemical products

$4,450

$5,074

14%

0.3

4.3

33

Essential oils, perfumes, cosmetics, toileteries

$3,154

$4,269

35%

0.2

9.7

15

Animal,vegetable fats and oils, cleavage products, etc

$8,667

$3,507

-60%

0.9

8.9

64

Footwear, gaiters and the like, parts thereof

$2,350

$1,181

-50%

0

8.4



Russian exports to Greece


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


▪ Mineral fuels, oils, distillation products, etc (86%)

▪ Aluminium and articles thereof (8%)

▪ Cereals (1%)

▪ Fertilizers (1%)

▪ Iron and steel (1%)

▪ Furskins and artificial fur, manufactures thereof (0.4%)

▪ Paper and paperboard, articles of pulp, paper and board (0.3%)

▪ Rubber and articles thereof (0.3%)

▪ Wood and articles of wood, wood charcoal (0.3%)

▪ Inorganic chemicals, precious metal compound, isotopes (0.3%)

▪ Residues, wastes of food industry, animal fodder (0.2%)

▪ Vegetable plaiting materials, vegetable products nes (0.1%)

▪ Organic chemicals (0.1%)

▪ Sugars and sugar confectionery (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Greece of iron and steel (+1575%). At the same time the exports of mineral fuels, oils, distillation products (-51%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Greece 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

$5,332,611

$2,616,075

-51%

28

76

Aluminium and articles thereof

$230,002

$230,274

0%

30.2

10

Cereals

$50,611

$44,681

-12%

15.1

72

Iron and steel

$1,062

$17,791

1575%

0.3

31

Fertilizers

$22,685

$15,665

-31%

6.9

43

Furskins and artificial fur, manufactures thereof

$16,965

$11,376

-33%

5.6

48

Paper and paperboard, articles of pulp, paper and board

$13,435

$10,872

-19%

1.5

44

Wood and articles of wood, wood charcoal

$9,509

$9,198

-3%

3.2

28

Inorganic chemicals, precious metal compound, isotopes

$9,393

$9,160

-2%

5.6

40

Rubber and articles thereof

$2,969

$5,472

84%

1

23

Residues, wastes of food industry, animal fodder

$1,241

$4,225

240%

0.3

14

Vegetable plaiting materials, vegetable products nes

$3,604

$4,233

17%

60.3

29

Organic chemicals

$147

$2,023

1276%

0

17

Sugars and sugar confectionery

$105

$227

116%

0


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



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


Macroeconomic Indicator

Russia

Greece

GDP in 2014, billion dollars

1,857.461

238.023

Estimated GDP in 2015, billion dollars

1,175.996

207.148

Inflation, average consumer prices, %

7.82

-1.4

Volume of imported goods, billion dollars

282.6

62.2

Volume of exported goods, billion dollars

492.1

35.8

Unemployment rate, %

5.10

26.5

Population, millions

143.7

11


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