Date,
Time MSK

10.02.2016



Australian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Australian-Russian bilateral trade volume decreased by 60% and reached 0.58 billion USD compared to 1.45 billion USD in the same period of 2014.


Australian exports to Russia fell to 0.34 billion USD (by 15%) while imports fell to 0.24 billion USD (by 77%) (see Figure 1).



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

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

* 2015 data includes January – October



Australian exports to Russia


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


▪ Commodities not elsewhere specified (75%)

▪ Raw hides and skins (other than furskins) and leather (4%)

▪ Meat and edible meat offal (3%)

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

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

▪ Miscellaneous chemical products (1%)

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

▪ Electrical, electronic equipment (0.4%)

▪ Plastics and articles thereof (0.4%)

▪ Wadding, felt, nonwovens, yarns, twine, cordage, etc (0.4%)

▪ Articles of iron or steel (0.3%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (0.3%)

▪ Pharmaceutical products (0.3%)

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


In the first 10 months of 2015 the imports of Australian made products in Russia experienced a significant fall. The imports of meat and edible meat offal fell by 82%; the imports of articles of iron or steel - by 81%.



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

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



Table 1. Key products exported from Australia 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 Australian products

99

Commodities not elsewhere specified

$188,721

$256,090

36%

0.00


02

Meat and edible meat offal

$50,381

$9,015

-82%

0.9

30.6

41

Raw hides and skins (other than furskins) and leather

$14,463

$14,612

1%

11.9

3.1

84

Machinery, nuclear reactors, boilers, etc

$20,576

$10,229

-50%

0.1

1.9

85

Electrical, electronic equipment

$4,272

$1,274

-70%

0.00

3.4

35

Albuminoids, modified starches, glues, enzymes

$8,576

$3,500

-59%

1.7

5.2

38

Miscellaneous chemical products

$3,990

$2,654

-33%

0.3

4.3

39

Plastics and articles thereof

$345

$424

23%

0.00

7.2

56

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

$1,118

$1,313

17%

0.2

6

73

Articles of iron or steel

$2,442

$476

-81%

0.1

9.3

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$2

$169

8350%

0.00

3.7

90

Optical, photo, technical, medical, etc apparatus

$2,147

$2,187

2%

0.2

2.8

30

Pharmaceutical products

$568

$869

53%

0.00

5.5

23

Residues, wastes of food industry, animal fodder

$1,761

$1,350

-23%

0.3

4.9



Russian exports to Australia


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


▪ Inorganic chemicals, precious metal compound, isotopes (10%)

▪ Fertilizers (10%)

▪ Wood and articles of wood, wood charcoal (6%)

▪ Iron and steel (3%)

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

▪ Organic chemicals (1%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (1%)

▪ Electrical, electronic equipment (1%)

▪ Aluminium and articles thereof (1%)

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

▪ Beverages, spirits and vinegar (0.5%)

▪ Furniture, lighting, signs, prefabricated buildings (0.3%)

▪ Tools, implements, cutlery, etc of base metal (0.2%)

▪ Plastics and articles thereof (0.2%)


The first 10 months of 2015 showed a significant rise in Russian exports to Australia of wood and articles of wood, wood charcoal (+138%). At the same time the exports of beverages, spirits and vinegar (-51%) showed a significant fall (see Table 2).


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

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



Table 2. Key products exported from Russia to Australia 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

$19,849

$23,730

20%

1.2

28

Inorganic chemicals, precious metal compound, isotopes

$11,471

$23,195

102%

1

44

Wood and articles of wood, wood charcoal

$5,924

$14,097

138%

0.5

72

Iron and steel

$2,823

$6,441

128%

0.2

29

Organic chemicals

$2,027

$2,425

20%

0.1

84

Machinery, nuclear reactors, boilers, etc

$1,978

$1,729

-13%

0

76

Aluminium and articles thereof

$1,533

$1,541

1%

0.1

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$1,144

$1,424

24%

0.2

22

Beverages, spirits and vinegar

$2,552

$1,246

-51%

0.2

90

Optical, photo, technical, medical, etc apparatus

$1,698

$1,155

-32%

0

85

Electrical, electronic equipment

$1,148

$1,127

-2%

0

94

Furniture, lighting, signs, prefabricated buildings

$1,096

$716

-35%

0

39

Plastics and articles thereof

$524

$535

2%

0

82

Tools, implements, cutlery, etc of base metal

$865

$485

-44%

0.1


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



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


Macroeconomic Indicator

Russia

Australia

GDP in 2014, billion dollars

1,857.461

1,444.189

Estimated GDP in 2015, billion dollars

1,175.996

1,252.273

Inflation, average consumer prices, %

7.82

2.49

Volume of imported goods, billion dollars

282.6

227.5

Volume of exported goods, billion dollars

492.1

240.4

Unemployment rate, %

5.10

6.07

Population, millions

143.7

23.6


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