Date,
Time MSK

05.02.2016



Icelandic-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Icelandic-Russian bilateral trade volume decreased by 29% and reached 2.1 billion USD compared to 2.9 billion USD in the same period of 2014.


Icelandic exports to Russia fell to 1.1 billion USD (by 37%) while imports fell to 1 billion USD (by 17%) (see Figure 1).



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

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

* 2015 data includes January – October



Icelandic exports to Russia


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


▪ Beverages, spirits and vinegar (23%)

▪ Machinery, nuclear reactors, boilers, etc (20%)

▪ Electrical, electronic equipment (7%)

▪ Plastics and articles thereof (4%)

▪ Pharmaceutical products (4%)

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

▪ Live trees, plants, bulbs, roots, cut flowers etc (5%)

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

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

▪ Vehicles other than railway, tramway (2%)

▪ Articles of apparel, accessories, not knit or crochet (1%)

▪ Articles of apparel, accessories, knit or crochet (1%)

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

▪ Articles of iron or steel (1%)


In the first 10 months of 2015 the imports of Icelandic made products in Russia experienced a significant fall. The imports of salt, sulphur, earth, stone, plaster, lime and cement fell by 50%; the imports of beverages, spirits and vinegar - by 45%.



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

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



Table 1. Key products exported from Iceland 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 Icelandic products

22

Beverages, spirits and vinegar

$477,349

$261,129

-45%

0

27.7

84

Machinery, nuclear reactors, boilers, etc

$287,084

$222,242

-23%

0

1.9

85

Electrical, electronic equipment

$133,213

$81,106

-39%

0

3.4

6

Live trees, plants, bulbs, roots, cut flowers etc

$40,976

$51,876

27%

0

18

39

Plastics and articles thereof

$63,192

$50,348

-20%

0

7.2

90

Optical, photo, technical, medical, etc apparatus

$35,151

$47,908

36%

0

2.8

30

Pharmaceutical products

$69,181

$47,460

-31%

0

5.5

33

Essential oils, perfumes, cosmetics, toileteries

$37,370

$33,635

-10%

0

9.7

87

Vehicles other than railway, tramway

$33,892

$23,795

-30%

0

12.6

48

Paper and paperboard, articles of pulp, paper and board

$22,480

$22,508

0%

0

9.3

62

Articles of apparel, accessories, not knit or crochet

$23,799

$15,877

-33%

0

14.9

73

Articles of iron or steel

$28,414

$15,610

-45%

0

9.3

61

Articles of apparel, accessories, knit or crochet

$21,680

$13,364

-38%

0

22.8

25

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

$20,893

$10,369

-50%

0

4.7



Russian exports to Iceland


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


▪ Mineral fuels, oils, distillation products, etc (42%)

▪ Iron and steel (20%)

▪ Fertilizers (8%)

▪ Wood and articles of wood, wood charcoal (7%)

▪ Articles of iron or steel (2%)

▪ Beverages, spirits and vinegar (2%)

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

▪ Electrical, electronic equipment (2%)

▪ Railway, tramway locomotives, rolling stock, equipment (1%)

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

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

▪ Pearls, precious stones, metals, coins, etc (1%)

▪ Plastics and articles thereof (1%)

▪ Vehicles other than railway, tramway (1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Iceland of electrical, electronic equipment (+220%). At the same time the exports of railway, tramway locomotives, rolling stock, equipment (-67%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Iceland 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

$547,178

$394,424

-28%

0.9

72

Iron and steel

$198,826

$191,549

-4%

0.1

31

Fertilizers

$63,528

$79,010

24%

4

44

Wood and articles of wood, wood charcoal

$59,895

$65,997

10%

3.4

85

Electrical, electronic equipment

$6,671

$21,323

220%

0

73

Articles of iron or steel

$25,210

$20,993

-17%

1.3

15

Animal,vegetable fats and oils, cleavage products, etc

$33,717

$17,175

-49%

0

22

Beverages, spirits and vinegar

$21,417

$14,021

-35%

0.1

84

Machinery, nuclear reactors, boilers, etc

$8,737

$13,507

55%

0

48

Paper and paperboard, articles of pulp, paper and board

$13,078

$12,480

-5%

0

39

Plastics and articles thereof

$10,770

$11,085

3%

0.1

71

Pearls, precious stones, metals, coins, etc

$10,533

$10,371

-2%

0

86

Railway, tramway locomotives, rolling stock, equipment

$27,769

$9,248

-67%

0

87

Vehicles other than railway, tramway

$4,313

$4,543

5%

0


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



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


Macroeconomic Indicator

Russia

Iceland

GDP in 2014, billion dollars

1,857.461

16.693

Estimated GDP in 2015, billion dollars

1,175.996

17.807

Inflation, average consumer prices, %

7.82

2.044

Volume of imported goods, billion dollars

282.6

5.4

Volume of exported goods, billion dollars

492.1

5.1

Unemployment rate, %

5.10

5

Population, millions

143.7

0.326


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