Date,
Time MSK

10.02.2016



Estonian-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Estonian-Russian bilateral trade volume decreased by 37% and reached 1.5 billion USD compared to 2.3 billion USD in the same period of 2014.


Estonian exports to Russia fell to 0.7 billion USD (by 48%) while imports fell to 0.8 billion USD (by 21%) (see Figure 1).



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

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

* 2015 data includes January – October



Estonian exports to Russia


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


▪ Machinery, nuclear reactors, boilers, etc (24%)

▪ Electrical, electronic equipment (12%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (10%)

▪ Beverages, spirits and vinegar (8%)

▪ Plastics and articles thereof (4%)

▪ Articles of apparel, accessories, not knit or crochet (3%)

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

▪ Vehicles other than railway, tramway (2%)

▪ Miscellaneous chemical products (2%)

▪ Essential oils, perfumes, cosmetics, toileteries (2%)

▪ Miscellaneous edible preparations (2%)

▪ Articles of iron or steel (2%)

▪ Furniture, lighting, signs, prefabricated buildings (2%)

▪ Cocoa and cocoa preparations (1%)


In the first 10 months of 2015 the imports of Estonian made products in Russia experienced a significant fall. The imports of furniture, lighting, signs, prefabricated buildings fell by 60%; the imports of vehicles other than railway, tramway - by 58%.



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

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



Table 1. Key products exported from Estonia 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 Estonian products

84

Machinery, nuclear reactors, boilers, etc

$346,449

$168,607

-51%

0.1

1.9

85

Electrical, electronic equipment

$146,363

$83,253

-43%

3.5

3.4

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$110,281

$69,253

-37%

4.9

3.7

22

Beverages, spirits and vinegar

$121,125

$56,992

-53%

0.1

27.7

39

Plastics and articles thereof

$34,031

$30,497

-10%

0.2

7.2

90

Optical, photo, technical, medical, etc apparatus

$45,294

$23,914

-47%

0.1

2.8

73

Articles of iron or steel

$40,328

$19,501

-52%

0.2

9.3

87

Vehicles other than railway, tramway

$42,536

$17,709

-58%

0

12.6

33

Essential oils, perfumes, cosmetics, toileteries

$19,196

$15,287

-20%

0

9.7

62

Articles of apparel, accessories, not knit or crochet

$25,165

$13,707

-46%

0.1

14.9

38

Miscellaneous chemical products

$16,489

$12,834

-22%

0.1

4.3

94

Furniture, lighting, signs, prefabricated buildings

$31,394

$12,542

-60%

0.2

11.9

21

Miscellaneous edible preparations

$13,941

$11,914

-15%

0.5

13.6

18

Cocoa and cocoa preparations

$8,932

$4,743

-47%

0.1

5.8



Russian exports to Estonia


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


▪ Mineral fuels, oils, distillation products, etc (54%)

▪ Wood and articles of wood, wood charcoal (15%)

▪ Fertilizers (5%)

▪ Iron and steel (5%)

▪ Organic chemicals (3%)

▪ Aluminium and articles thereof (3%)

▪ Machinery, nuclear reactors, boilers, etc (2%)

▪ Paper and paperboard, articles of pulp, paper and board (2%)

▪ Articles of iron or steel (2%)

▪ Other base metals, cermets, articles thereof (1%)

▪ Stone, plaster, cement, asbestos, mica, etc articles (1%)

▪ Electrical, electronic equipment (1%)

▪ Plastics and articles thereof (1%)

▪ Glass and glassware (1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Estonia of glass and glassware (+60%). At the same time the exports of plastics and articles thereof (-48%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Estonia 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

$546,017

$409,076

-25%

49.1

44

Wood and articles of wood, wood charcoal

$139,901

$113,839

-19%

34.9

31

Fertilizers

$27,045

$40,276

49%

37.6

72

Iron and steel

$53,863

$36,537

-32%

18.2

76

Aluminium and articles thereof

$29,144

$20,227

-31%

24.4

29

Organic chemicals

$31,935

$18,648

-42%

23.9

73

Articles of iron or steel

$16,439

$14,492

-12%

6.3

48

Paper and paperboard, articles of pulp, paper and board

$10,576

$12,791

21%

4.5

84

Machinery, nuclear reactors, boilers, etc

$11,741

$11,436

-3%

1.7

81

Other base metals, cermets, articles thereof

$6,411

$9,301

45%

67

85

Electrical, electronic equipment

$9,794

$8,728

-11%

0.9

68

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

$6,897

$5,781

-16%

8.9

39

Plastics and articles thereof

$10,037

$5,256

-48%

1.9

70

Glass and glassware

$2,290

$3,656

60%

2.6



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



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


Macroeconomic Indicator

Russia

Estonia

GDP in 2014, billion dollars

1,857.461

25.953

Estimated GDP in 2015, billion dollars

1,175.996

23.113

Inflation, average consumer prices, %

7.82

0.5

Volume of imported goods, billion dollars

282.6

20.2

Volume of exported goods, billion dollars

492.1

17.6

Unemployment rate, %

5.10

7.01

Population, millions

143.7

1.3


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