Date,
Time MSK

10.02.2016



Croatian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Croatian-Russian bilateral trade volume decreased by 51% and reached 0.63 billion USD compared to 1.3 billion USD in the same period of 2014.


Croatian exports to Russia fell to 0.17 billion USD (by 38%) while imports fell to 0.45 billion USD (by 55%) (see Figure 1).



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

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

* 2015 data includes January – October



Croatian exports to Russia


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


▪ Pharmaceutical products (50%)

▪ Machinery, nuclear reactors, boilers, etc (16%)

▪ Essential oils, perfumes, cosmetics, toileteries (12%)

▪ Electrical, electronic equipment (4%)

▪ Organic chemicals (4%)

▪ Miscellaneous edible preparations (2%)

▪ Plastics and articles thereof (2%)

▪ Articles of iron or steel (1%)

▪ Miscellaneous manufactured articles (1%)

▪ Aluminium and articles thereof (0.4%)

▪ Furniture, lighting, signs, prefabricated buildings (0.4%)

▪ Beverages, spirits and vinegar (0.4%)

▪ Cereal, flour, starch, milk preparations and products (0.4%)

▪ Optical, photo, technical, medical, etc apparatus (0.4%)


In the first 10 months of 2015 the imports of Croatian made products in Russia experienced a significant fall. The imports of optical, photo, technical, medical, etc apparatus fell by 94%; the imports of electrical, electronic equipment - by 71%.



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

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



Table 1. Key products exported from Croatia 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 Croatian products

30

Pharmaceutical products

$132,753

$87,157

-34%

1.1

5.5

84

Machinery, nuclear reactors, boilers, etc

$53,488

$27,424

-49%

0.1

1.9

33

Essential oils, perfumes, cosmetics, toileteries

$16,572

$20,352

23%

0.9

9.6

85

Electrical, electronic equipment

$21,750

$6,408

-71%

0.1

3.4

29

Organic chemicals

$5,635

$6,364

13%

0.1

3.4

21

Miscellaneous edible preparations

$8,795

$4,096

-53%

0.5

12.5

39

Plastics and articles thereof

$3,791

$3,298

-13%

0

6.9

73

Articles of iron or steel

$3,480

$2,244

-36%

0.1

9.3

96

Miscellaneous manufactured articles

$2,471

$1,702

-31%

0.5

9.9

94

Furniture, lighting, signs, prefabricated buildings

$2,367

$871

-63%

0.1

11.8

76

Aluminium and articles thereof

$2,167

$778

-64%

0.2

5.6

19

Cereal, flour, starch, milk preparations and products

$1,277

$606

-53%

0.1

11.7

90

Optical, photo, technical, medical, etc apparatus

$5,092

$320

-94%

0.2

2.8

22

Beverages, spirits and vinegar

$100

$190

90%

0

27.7



Russian exports to Croatia


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


▪ Mineral fuels, oils, distillation products, etc (89%)

▪ Fertilizers (8%)

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

▪ Electrical, electronic equipment (0.2%)

▪ Paper and paperboard, articles of pulp, paper and board (0.2%)

▪ Articles of iron or steel (0.1%)

▪ Milling products, malt, starches, inulin, wheat gluten (0.1%)

▪ Aluminium and articles thereof (0.1%)

▪ Pearls, precious stones, metals, coins, etc (0.1%)

▪ Machinery, nuclear reactors, boilers, etc (0.1%)

▪ Inorganic chemicals, precious metal compound, isotopes (0.1%)

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

▪ Organic chemicals (0.1%)

▪ Plastics and articles thereof (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Croatia of inorganic chemicals, precious metal compound, isotopes (+3900%). At the same time the exports of aluminium and articles thereof (-98%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Croatia 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

$954,367

$400,907

-58%

25.9

31

Fertilizers

$22,908

$34,904

52%

26.5

44

Wood and articles of wood, wood charcoal

$2,539

$1,531

-40%

1.1

85

Electrical, electronic equipment

$495

$1,089

120%

0

48

Paper and paperboard, articles of pulp, paper and board

$1,958

$803

-59%

0.3

84

Machinery, nuclear reactors, boilers, etc

$479

$665

39%

0

68

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

$262

$517

97%

0.2

71

Pearls, precious stones, metals, coins, etc

$0

$465

-

0

73

Articles of iron or steel

$187

$369

97%

0

28

Inorganic chemicals, precious metal compound, isotopes

$6

$240

3900%

0

39

Plastics and articles thereof

$241

$146

-39%

0

11

Milling products, malt, starches, inulin, wheat gluten

$61

$115

89%

0.1

76

Aluminium and articles thereof

$5,740

$99

-98%

1.6

29

Organic chemicals

$0

$29

-

0


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



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


Macroeconomic Indicator

Russia

Croatia

GDP in 2014, billion dollars

1,857.461

57.159

Estimated GDP in 2015, billion dollars

1,175.996

48.874

Inflation, average consumer prices, %

7.82

-0.21

Volume of imported goods, billion dollars

282.6

22.9

Volume of exported goods, billion dollars

492.1

13.8

Unemployment rate, %

5.10

17.10

Population, millions

143.7

4.2


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