Date,
Time MSK

10.02.2016



Danish-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Danish-Russian bilateral trade volume decreased by 16% and reached 2 billion USD compared to 2.4 billion USD in the same period of 2014.


Danish exports to Russia fell to 0.7 billion USD (by 48%) while imports rose to 1.3 billion USD (by 26%) (see Figure 1).



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

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

* 2015 data includes January – October



Danish exports to Russia


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


▪ Machinery, nuclear reactors, boilers, etc (26%)

▪ Pharmaceutical products (9%)

▪ Miscellaneous chemical products (9%)

▪ Optical, photo, technical, medical, etc apparatus (8%)

▪ Electrical, electronic equipment (7%)

▪ Albuminoids, modified starches, glues, enzymes (7%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (5%)

▪ Residues, wastes of food industry, animal fodder (4%)

▪ Vehicles other than railway, tramway (2%)

▪ Soaps, lubricants, waxes, candles, modelling pastes (1%)

▪ Lac, gums, resins, vegetable saps and extracts nes (1%)

▪ Plastics and articles thereof (1%)

▪ Miscellaneous edible preparations (1%)

▪ Live animals (1%)


In the first 10 months of 2015 the imports of Danish made products in Russia experienced a significant fall. The imports of miscellaneous edible preparations fell by 73%; the imports of vehicles other than railway, tramway - by 56%.



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

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



Table 1. Key products exported from Denmark 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 Danish products

84

Machinery, nuclear reactors, boilers, etc

$392,858

$181,366

-54%

0.9

1.9

30

Pharmaceutical products

$121,367

$64,613

-47%

1.8

5.5

38

Miscellaneous chemical products

$72,581

$62,749

-14%

2.3

4.3

90

Optical, photo, technical, medical, etc apparatus

$87,161

$56,657

-35%

0.8

2.8

85

Electrical, electronic equipment

$75,086

$48,053

-36%

0.2

3.4

35

Albuminoids, modified starches, glues, enzymes

$69,398

$47,284

-32%

10.7

5.2

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$37,488

$38,450

3%

1

7.2

23

Residues, wastes of food industry, animal fodder

$36,238

$31,315

-14%

3.7

4.9

87

Vehicles other than railway, tramway

$36,443

$15,963

-56%

0.1

12.6

34

Soaps, lubricants, waxes, candles, modelling pastes

$12,077

$9,599

-21%

0.5

9.8

13

Lac, gums, resins, vegetable saps and extracts nes

$9,184

$9,233

1%

4.2

5

21

Miscellaneous edible preparations

$31,781

$8,535

-73%

2.1

13.6

39

Plastics and articles thereof

$14,469

$7,726

-47%

0.3

7.2

1

Live animals

$8,701

$4,886

-44%

4.2

3.5



Russian exports to Denmark


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


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

▪ Iron and steel (18%)

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

▪ Ships, boats and other floating structures (5%)

▪ Wood and articles of wood, wood charcoal (4%)

▪ Fertilizers (2%)

▪ Animal,vegetable fats and oils, cleavage products, etc (1%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (0.8%)

▪ Cereals (0.4%)

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

▪ Commodities not elsewhere specified (0.1%)

▪ Miscellaneous edible preparations (0.1%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (0.1%)

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


The first 10 months of 2015 showed a significant rise in Russian exports to Denmark of stone, plaster, cement, asbestos, mica, etc articles (+76%). At the same time the exports of commodities not elsewhere specified (-69%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Denmark 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

$479,296

$794,106

66%

6.1

72

Iron and steel

$286,404

$235,798

-18%

15.5

23

Residues, wastes of food industry, animal fodder

$92,899

$70,220

-24%

6.4

89

Ships, boats and other floating structures

$0

$69,421

-

0

44

Wood and articles of wood, wood charcoal

$80,306

$54,822

-32%

4.8

31

Fertilizers

$26,744

$29,389

10%

11.8

15

Animal,vegetable fats and oils, cleavage products, etc

$15,537

$15,175

-2%

2.1

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$8,277

$10,874

31%

0.7

10

Cereals

$14,103

$5,240

-63%

6.8

48

Paper and paperboard, articles of pulp, paper and board

$4,711

$4,214

-11%

0.3

99

Commodities not elsewhere specified

$6,031

$1,845

-69%

0.4

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$1,133

$1,538

36%

0.2

68

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

$670

$1,179

76%

0.2

21

Miscellaneous edible preparations

$1

$920

91900%

0



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


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


Macroeconomic Indicator

Russia

Denmark

GDP in 2014, billion dollars

1,857.461

340.806

Estimated GDP in 2015, billion dollars

1,175.996

297.359

Inflation, average consumer prices, %

7.82

0.565

Volume of imported goods, billion dollars

282.6

99.6

Volume of exported goods, billion dollars

492.1

110.8

Unemployment rate, %

5.10

6.53

Population, millions

143.7

5.6


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