Date,
Time MSK

05.02.2016



Hungarian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Hungarian-Russian bilateral trade volume decreased by 47% and reached 4.5 billion USD compared to 8.5 billion USD in the same period of 2014.


Hungarian exports to Russia fell to 1.4 billion USD (by 39%) while imports fell to 3.1 billion USD (by 51%) (see Figure 1).



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

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

* 2015 data includes January – October



Hungarian exports to Russia


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


▪ Pharmaceutical products (26%)

▪ Electrical, electronic equipment (18%)

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

▪ Miscellaneous manufactured articles (8%)

▪ Vehicles other than railway, tramway (3%)

▪ Plastics and articles thereof (3%)

▪ Organic chemicals (3%)

▪ Vegetable, fruit, nut, etc food preparations (2%)

▪ Wadding, felt, nonwovens, yarns, twine, cordage, etc (2%)

▪ Paper and paperboard, articles of pulp, paper and board (2%)

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

▪ Live animals (1%)

▪ Soaps, lubricants, waxes, candles, modelling pastes (1%)

▪ Optical, photo, technical, medical, etc apparatus (1%)


In the first 10 months of 2015the imports of Hungarian made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 78%; the imports of soaps, lubricants, waxes, candles, modelling pastes - by 59%.



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

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



Table 1. Key products exported from Hungary 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 Hungarian products

30

Pharmaceutical products

$489,659

$366,001

-25%

4.1

5.5

85

Electrical, electronic equipment

$496,028

$259,331

-48%

1.2

3.4

84

Machinery, nuclear reactors, boilers, etc

$309,797

$169,449

-45%

0.9

1.9

96

Miscellaneous manufactured articles

$132,353

$109,449

-17%

0.5

10.6

29

Organic chemicals

$41,405

$47,887

16%

1.7

3.4

39

Plastics and articles thereof

$83,044

$47,021

-43%

0.9

7.2

87

Vehicles other than railway, tramway

$192,222

$42,318

-78%

1

12.6

56

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

$39,125

$29,912

-24%

7.9

6

23

Residues, wastes of food industry, animal fodder

$50,713

$28,991

-43%

4.3

4.9

48

Paper and paperboard, articles of pulp, paper and board

$26,098

$26,099

0%

3.4

9.3

20

Vegetable, fruit, nut, etc food preparations

$33,298

$22,511

-32%

2.7

10.8

1

Live animals

$6,378

$16,322

156%

2.6

3.5

34

Soaps, lubricants, waxes, candles, modelling pastes

$35,465

$14,527

-59%

2.3

9.8

90

Optical, photo, technical, medical, etc apparatus

$18,397

$11,951

-35%

0.3

2.8



Russian exports to Hungary


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


▪ Mineral fuels, oils, distillation products, etc (83%)

▪ Rubber and articles thereof (4%)

▪ Organic chemicals (3%)

▪ Machinery, nuclear reactors, boilers, etc (3%)

▪ Inorganic chemicals, precious metal compound, isotopes (2%)

▪ Aluminium and articles thereof (2%)

▪ Iron and steel (1%)

▪ Fertilizers (1%)

▪ Ores, slag and ash (0.3%)

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

▪ Electrical, electronic equipment (0.1%)

▪ Vehicles other than railway, tramway (0.1%)

▪ Stone, plaster, cement, asbestos, mica, etc articles (0.1%)

▪ Plastics and articles thereof (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Hungary of vehicles other than railway, tramway (+1267%). At the same time the exports of ores, slag and ash (-61%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Hungary 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

$5,582,142

$2,539,329

-55%

52.5

40

Rubber and articles thereof

$147,989

$113,926

-23%

8.8

84

Machinery, nuclear reactors, boilers, etc

$73,533

$104,261

42%

0.5

29

Organic chemicals

$114,320

$77,250

-32%

8.8

76

Aluminium and articles thereof

$95,173

$68,093

-28%

6.5

28

Inorganic chemicals, precious metal compound, isotopes

$94,929

$57,474

-39%

22.2

31

Fertilizers

$61,300

$36,822

-40%

16.7

72

Iron and steel

$23,165

$35,809

55%

0.7

26

Ores, slag and ash

$27,756

$10,717

-61%

28.3

44

Wood and articles of wood, wood charcoal

$7,500

$7,829

4%

1.8

85

Electrical, electronic equipment

$1,781

$4,589

158%

0

68

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

$1,106

$1,818

64%

0.4

87

Vehicles other than railway, tramway

$114

$1,558

1267%

0

39

Plastics and articles thereof

$2,374

$1,099

-54%

0.1



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



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


Macroeconomic Indicator

Russia

Hungary

GDP in 2014, billion dollars

1,857.461

137.104

Estimated GDP in 2015, billion dollars

1,175.996

126.691

Inflation, average consumer prices, %

7.82

-0.3

Volume of imported goods, billion dollars

282.6

103.1

Volume of exported goods, billion dollars

492.1

112.2

Unemployment rate, %

5.10

7.77

Population, millions

143.7

9.9


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