Date,
Time MSK

10.02.2016



Chinese-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Chinese-Russian bilateral trade volume decreased by 29% and reached 55.9 billion USD compared to 78.9 billion USD in the same period of 2014.


Chinese exports to Russia fell to 28.5 billion USD (by 36%) while imports fell to 27.4 billion USD (by 21%) (see Figure 1).



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

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

* 2015 data includes January – October



Chinese exports to Russia


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


▪ Machinery, nuclear reactors, boilers, etc (15%)

▪ Electrical, electronic equipment (14%)

▪ Articles of apparel, accessories, not knit or crochet (8%)

▪ Articles of apparel, accessories, knit or crochet (6%)

▪ Furskins and artificial fur, manufactures thereof (5%)

▪ Footwear, gaiters and the like, parts thereof (5%)

▪ Articles of iron or steel (3%)

▪ Plastics and articles thereof (3%)

▪ Furniture, lighting, signs, prefabricated buildings (3%)

▪ Vehicles other than railway, tramway (3%)

▪ Optical, photo, technical, medical, etc apparatus (2%)

▪ Other made textile articles, sets, worn clothing etc (2%)

▪ Articles of leather, animal gut, harness, travel goods (2%)

▪ Organic chemicals (2%)


In the first 10 months of 2015 the imports of Chinese made products in Russia experienced a significant fall. The imports of other made textile articles, sets, worn clothing etc fell by 63%; the imports of vehicles other than railway, tramway - by 54%.



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

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



Table 1. Key products exported from China 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 Chinese products

84

Machinery, nuclear reactors, boilers, etc

$6,648,040

$4,312,850

-35%

21.1

1.9

85

Electrical, electronic equipment

$6,030,204

$4,117,873

-32%

37

3.4

62

Articles of apparel, accessories, not knit or crochet

$3,134,648

$2,206,700

-30%

48.9

14.9

61

Articles of apparel, accessories, knit or crochet

$2,781,702

$1,566,967

-44%

43.2

22.8

43

Furskins and artificial fur, manufactures thereof

$2,061,684

$1,565,387

-24%

43.5

6.1

64

Footwear, gaiters and the like, parts thereof

$2,631,705

$1,540,869

-41%

56.2

8.4

87

Vehicles other than railway, tramway

$2,072,355

$956,919

-54%

7

12.6

39

Plastics and articles thereof

$1,656,652

$940,894

-43%

17.7

6.9

94

Furniture, lighting, signs, prefabricated buildings

$1,787,265

$880,039

-51%

29.6

11.8

73

Articles of iron or steel

$1,316,347

$863,689

-34%

23.3

9.3

90

Optical, photo, technical, medical, etc apparatus

$1,015,418

$647,275

-36%

11.7

2.8

29

Organic chemicals

$562,375

$554,072

-1%

25.8

3.4

63

Other made textile articles, sets, worn clothing etc

$1,449,578

$537,496

-63%

44.7

13.6

42

Articles of leather, animal gut, harness, travel goods

$789,043

$481,115

-39%

60.6

15.7



Russian exports to China


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


▪ Mineral fuels, oils, distillation products, etc (61%)

▪ Wood and articles of wood, wood charcoal (9%)

▪ Nickel and articles thereof (7%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (4%)

▪ Ores, slag and ash (3%)

▪ Pulp of wood, fibrous cellulosic material, waste etc (3%)

▪ Fertilizers (2%)

▪ Copper and articles thereof (2%)

▪ Organic chemicals (1%)

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

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

▪ Inorganic chemicals, precious metal compound, isotopes (1%)

▪ Aircraft, spacecraft, and parts thereof (0.3%)

▪ Commodities not elsewhere specified (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to China of inorganic chemicals, precious metal compound, isotopes (+640%). At the same time the exports of commodities not elsewhere specified (-58%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to China 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

$24,675,270

$16,847,753

-32%

9.4

44

Wood and articles of wood, wood charcoal

$2,629,131

$2,570,867

-2%

13.9

75

Nickel and articles thereof

$1,175,975

$1,884,482

60%

31.3

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$1,121,891

$1,005,023

-10%

19.2

26

Ores, slag and ash

$965,059

$731,000

-24%

0.9

47

Pulp of wood, fibrous cellulosic material, waste etc

$652,977

$684,803

5%

4.5

31

Fertilizers

$800,572

$664,055

-17%

28.3

74

Copper and articles thereof

$134,217

$514,107

283%

0.4

84

Machinery, nuclear reactors, boilers, etc

$184,861

$293,150

59%

0.1

28

Inorganic chemicals, precious metal compound, isotopes

$38,749

$286,595

640%

1.7

71

Pearls, precious stones, metals, coins, etc

$425,913

$261,243

-39%

1.2

29

Organic chemicals

$291,355

$211,533

-27%

0.6

88

Aircraft, spacecraft, and parts thereof

$98,156

$76,209

-22%

0.4

99

Commodities not elsewhere specified

$54,922

$22,864

-58%

0.1



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



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


Macroeconomic Indicator

Russia

China

GDP in 2014, billion dollars

1,857.461

10,380.380

Estimated GDP in 2015, billion dollars

1,175.996

11,211.928

Inflation, average consumer prices, %

7.82

1.98

Volume of imported goods, billion dollars

282.6

1,958

Volume of exported goods, billion dollars

492.1

2,342

Unemployment rate, %

5.10

4.09

Population, millions

143.7

1,367.820


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