Date,
Time MSK

16.02.2016



Cypriot-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 Cypriot-Russian bilateral trade volume increased by 116% and reached 0.114 billion USD compared to 0.052 billion USD in the same period of 2014.


Cypriot exports to Russia fell to 0.008 billion USD (by 54%) while imports rose to 0.106 billion USD (by 205%) (see Figure 1).


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

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

* 2015 data includes January – October



Cypriot exports to Russia


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


▪ Pharmaceutical products (57%)

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

▪ Arms and ammunition, parts and accessories thereof (4%)

▪ Clocks and watches and parts thereof (4%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (2%)

▪ Oil seed, oleagic fruits, grain, seed, fruit, etc, nes (2%)

▪ Toys, games, sports requisites (1%)

▪ Essential oils, perfumes, cosmetics, toileteries (1%)

▪ Articles of apparel, accessories, not knit or crochet (1%)

▪ Electrical, electronic equipment (1%)

▪ Articles of leather, animal gut, harness, travel goods (0.5%)

▪ Footwear, gaiters and the like, parts thereof (0.4%)

▪ Articles of apparel, accessories, knit or crochet (0.2%)

▪ Printed books, newspapers, pictures etc (0.1%)


In the first 10 months of 2015 the imports of Cypriot made products in Russia experienced a significant rise . The imports of articles of apparel, accessories, knit or crochet rise by 8300%; the imports of oil seed, oleagic fruits, grain, seed, fruit, etc, nes - by 1260%.



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

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



Table 1. Key products exported from Cyprus 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 Cypriot products

30

Pharmaceutical products

$7,245

$4,734

-35%

0.1

5.5

84

Machinery, nuclear reactors, boilers, etc

$373

$1,220

227%

0

1.9

91

Clocks and watches and parts thereof

$154

$316

105%

0

10.9

93

Arms and ammunition, parts and accessories thereof

$82

$297

262%

0

17.9

25

Salt, sulphur, earth, stone, plaster, lime and cement

$222

$170

-23%

0

4.7

12

Oil seed, oleagic fruits, grain, seed, fruit, etc, nes

$10

$136

1260%

0

1.6

95

Toys, games, sports requisites

$203

$115

-43%

0

10.5

33

Essential oils, perfumes, cosmetics, toileteries

$343

$106

-69%

0

9.7

62

Articles of apparel, accessories, not knit or crochet

$1

$84

8300%

0

14.9

85

Electrical, electronic equipment

$7

$57

714%

0

3.4

42

Articles of leather, animal gut, harness, travel goods

$4

$41

925%

0

15.7

64

Footwear, gaiters and the like, parts thereof

$19

$34

79%

0

8.4

61

Articles of apparel, accessories, knit or crochet

$4

$20

400%

0

22.8

49

Printed books, newspapers, pictures etc

$0

$2

-

0

2.6



Russian exports to Cyprus


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


▪ Residues, wastes of food industry, animal fodder (7%)

▪ Cereals (5%)

▪ Paper and paperboard, articles of pulp, paper and board (1%)

▪ Wood and articles of wood, wood charcoal (1%)

▪ Electrical, electronic equipment (1%)

▪ Machinery, nuclear reactors, boilers, etc (0.6%)

▪ Copper and articles thereof (0.3%)

▪ Miscellaneous chemical products (0.2%)

▪ Toys, games, sports requisites (0.2%)

▪ Commodities not elsewhere specified (0.1%)

▪ Printed books, newspapers, pictures etc (0.1%)

▪ Aircraft, spacecraft, and parts thereof (0.1%)

▪ Articles of iron or steel (0.1%)

▪ Optical, photo, technical, medical, etc apparatus (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to Cyprus of articles of iron or steel (+975%). At the same time the exports of aircraft, spacecraft, and parts thereof (-68%) showed a significant fall (see Table 2).


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

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



Table 2. Key products exported from Russia to Cyprus 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, %

23

Residues, wastes of food industry, animal fodder

$9,024

$7,197

-20%

7.7

10

Cereals

$13,269

$5,212

-61%

9

44

Wood and articles of wood, wood charcoal

$838

$1,481

77%

1.7

85

Electrical, electronic equipment

$572

$1,122

96%

1.4

48

Paper and paperboard, articles of pulp, paper and board

$408

$747

83%

0.4

84

Machinery, nuclear reactors, boilers, etc

$717

$600

-16%

0.4

74

Copper and articles thereof

$354

$301

-15%

4.1

38

Miscellaneous chemical products

$410

$249

-39%

0.7

95

Toys, games, sports requisites

$52

$189

263%

0.1

49

Printed books, newspapers, pictures etc

$112

$91

-19%

0.5

99

Commodities not elsewhere specified

$58

$77

33%

1.7

90

Optical, photo, technical, medical, etc apparatus

$39

$60

54%

0.2

73

Articles of iron or steel

$4

$43

975%

0

88

Aircraft, spacecraft, and parts thereof

$44

$14

-68%

0.2



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




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


Macroeconomic Indicator

Russia

Cyprus

GDP in 2014, billion dollars

1,857.461

23.269

Estimated GDP in 2015, billion dollars

1,175.996

19.812

Inflation, average consumer prices, %

7.82

-0.260

Volume of imported goods, billion dollars

282.6

6.8

Volume of exported goods, billion dollars

492.1

1.9

Unemployment rate, %

5.10

16.17

Population, millions

143.7

0.9


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