Date,
Time MSK

05.02.2016



Irish-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Irish-Russian bilateral trade volume decreased by 57% and reached 0.49 billion USD compared to 1.13 billion USD in the same period of 2014.


Irish exports to Russia fell to 0.34 billion USD (by 61%) while imports fell to 0.15 billion USD (by 44%) (see Figure 1).



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


* 2015 data includes January – October



Irish exports to Russia


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


▪ Essential oils, perfumes, cosmetics, toileteries (17%)

▪ Optical, photo, technical, medical, etc apparatus (15%)

▪ Pharmaceutical products (14%)

▪ Inorganic chemicals, precious metal compound, isotopes (11%)

▪ Machinery, nuclear reactors, boilers, etc (9%)

▪ Cereal, flour, starch, milk preparations and products (9%)

▪ Miscellaneous chemical products (5%)

▪ Organic chemicals (3%)

▪ Electrical, electronic equipment (3%)

▪ Miscellaneous manufactured articles (2%)

▪ Beverages, spirits and vinegar (2%)

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

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

▪ Tools, implements, cutlery, etc of base metal (0.4%)


In the first 10 months of 2015 the imports of Irish made products in Russia experienced a significant fall. The imports of organic chemicals fell by 95%; the imports of albuminoids, modified starches, glues, enzymes - by 81%.



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




Table 1. Key products exported from Ireland 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 Irish products

33

Essential oils, perfumes, cosmetics, toileteries

$60,400

$59,995

-1%

4.5

9.7

90

Optical, photo, technical, medical, etc apparatus

$85,831

$50,617

-41%

2.2

2.8

30

Pharmaceutical products

$78,565

$49,446

-37%

2.4

5.5

28

Inorganic chemicals, precious metal compound, isotopes

$118,226

$38,328

-68%

4.1

4.2

84

Machinery, nuclear reactors, boilers, etc

$53,182

$30,387

-43%

0.1

1.9

19

Cereal, flour, starch, milk preparations and products

$40,724

$29,577

-27%

3.5

11.7

38

Miscellaneous chemical products

$20,238

$17,350

-14%

1.1

4.3

85

Electrical, electronic equipment

$13,619

$11,534

-15%

0.2

3.4

29

Organic chemicals

$210,240

$9,586

-95%

0.3

3.4

96

Miscellaneous manufactured articles

$21,907

$7,039

-68%

2.9

10.6

22

Beverages, spirits and vinegar

$8,927

$6,908

-23%

3

27.7

35

Albuminoids, modified starches, glues, enzymes

$24,801

$4,786

-81%

3.9

5.2

20

Vegetable, fruit, nut, etc food preparations

$2,701

$3,495

29%

0.4

10.8

82

Tools, implements, cutlery, etc of base metal

$3,225

$979

-70%

0.2

6.7



Russian exports to Ireland


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


▪ Fertilizers (68%)

▪ Residues, wastes of food industry, animal fodder (5%)

▪ Optical, photo, technical, medical, etc apparatus (3%)

▪ Wood and articles of wood, wood charcoal (2%)

▪ Inorganic chemicals, precious metal compound, isotopes (0.6%)

▪ Electrical, electronic equipment (0.4%)

▪ Stone, plaster, cement, asbestos, mica, etc articles (0.4%)

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

▪ Beverages, spirits and vinegar (0.3%)

▪ Machinery, nuclear reactors, boilers, etc (0.3%)

▪ Articles of iron or steel (0.3%)

▪ Plastics and articles thereof (0.1%)

▪ Printed books, newspapers, pictures etc (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Ireland of electrical, electronic equipment (+32%). At the same time the exports of machinery, nuclear reactors, boilers (-92%) showed a significant fall (see Table 2).



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




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

31

Fertilizers

$126,203

$98,743

-22%

26.4

23

Residues, wastes of food industry, animal fodder

$8,794

$7,815

-11%

1.3

90

Optical, photo, technical, medical, etc apparatus

$6,463

$4,391

-32%

0.3

44

Wood and articles of wood, wood charcoal

$3,827

$3,297

-14%

1.4

28

Inorganic chemicals, precious metal compound, isotopes

$1,068

$827

-23%

1.7

84

Machinery, nuclear reactors, boilers, etc

$5,672

$446

-92%

0.1

48

Paper and paperboard, articles of pulp, paper and board

$632

$402

-36%

0.1

85

Electrical, electronic equipment

$265

$349

32%

0

22

Beverages, spirits and vinegar

$366

$344

-6%

0

68

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

$125

$147

18%

0.1

49

Printed books, newspapers, pictures etc

$25

$20

-20%

0

73

Articles of iron or steel

$38

$15

-61%

0

39

Plastics and articles thereof

$14

$6

-57%

0

30

Pharmaceutical products

$2

$0

-100%

0


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



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


Macroeconomic Indicator

Russia

Ireland

GDP in 2014, billion dollars

1,857.461

246.438

Estimated GDP in 2015, billion dollars

1,175.996

220.011

Inflation, average consumer prices, %

7.82

0.305

Volume of imported goods, billion dollars

282.6

71

Volume of exported goods, billion dollars

492.1

118.3

Unemployment rate, %

5.10

11.26

Population, millions

143.7

4.6


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