Date,
Time MSK

19.02.2016



South Korean-Russian Bilateral Trade, 10 months of 2015


In the first 10 months of 2015 South Korean-Russian bilateral trade volume decreased by 41% and reached 13.2 billion USD compared to 22.5 billion USD in the same period of 2014.


South Korean exports to Russia fell to 4.0 billion USD (by 56%) while imports fell to 9.2 billion USD (by 31%) (see Figure 1).



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

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

* 2015 data includes January – October



South Korean exports to Russia


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


▪ Vehicles other than railway, tramway (37%)

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

▪ Electrical, electronic equipment (10%)

▪ Plastics and articles thereof (8%)

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

▪ Iron and steel (3%)

▪ Mineral fuels, oils, distillation products, etc (2%)

▪ Rubber and articles thereof (2%)

▪ Articles of iron or steel (2%)

▪ Furniture, lighting, signs, prefabricated buildings (1%)

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

▪ Miscellaneous edible preparations (1%)

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

▪ Organic chemicals (0.2%)


In the first 10 months of 2015 the imports of South Korean made products in Russia experienced a significant fall. The imports of articles of iron or steel fell by 60%; the imports of vehicles other than railway, tramway - by 59%.



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

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



Table 1. Key products exported from South Korea 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 South Korean products

87

Vehicles other than railway, tramway

$3,655,260

$1,497,393

-59%

8.6

12.6

84

Machinery, nuclear reactors, boilers, etc

$1,248,827

$605,399

-52%

3.6

1.9

85

Electrical, electronic equipment

$874,832

$409,411

-53%

3.7

3.4

39

Plastics and articles thereof

$565,210

$336,050

-41%

5.5

6.9

72

Iron and steel

$218,113

$121,660

-44%

5.5

3.8

90

Optical, photo, technical, medical, etc apparatus

$163,910

$111,630

-32%

2.8

2.8

40

Rubber and articles thereof

$206,957

$95,862

-54%

8

7.1

27

Mineral fuels, oils, distillation products, etc

$104,912

$84,641

-19%

2.6

2.8

73

Articles of iron or steel

$202,045

$80,015

-60%

3

9.3

29

Organic chemicals

$73,702

$60,464

-18%

3

3.4

94

Furniture, lighting, signs, prefabricated buildings

$84,771

$56,883

-33%

5.6

11.8

21

Miscellaneous edible preparations

$81,616

$51,287

-37%

2.4

12.5

48

Paper and paperboard, articles of pulp, paper and board

$73,057

$50,966

-30%

1.6

9.3

28

Inorganic chemicals, precious metal compound, isotopes

$23,854

$19,463

-18%

1

4.2



Russian exports to South Korea


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


▪ Mineral fuels, oils, distillation products, etc (78%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (6%)

▪ Aluminium and articles thereof (4%)

▪ Iron and steel (4%)

▪ Inorganic chemicals, precious metal compound, isotopes (2%)

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

▪ Pulp of wood, fibrous cellulosic material, waste etc (1%)

▪ Cereals (1%)

▪ Lead and articles thereof (0.4%)

▪ Ores, slag and ash (0.4%)

▪ Pearls, precious stones, metals, coins, etc (0.3%)

▪ Rubber and articles thereof (0.3%)

▪ Machinery, nuclear reactors, boilers, etc (0.2%)

▪ Zinc and articles thereof (0.1%)


The first 10 months of 2015 showed a significant rise in Russian exports to South Korea of lead and articles thereof (+143%). At the same time the exports of iron and steel (-51%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to South Korea 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

$10,655,388

$7,174,720

-33%

7

3

Fish, crustaceans, molluscs, aquatic invertebrates nes

$531,357

$580,306

9%

18.4

72

Iron and steel

$722,050

$356,755

-51%

3.8

76

Aluminium and articles thereof

$482,127

$337,954

-30%

9.1

28

Inorganic chemicals, precious metal compound, isotopes

$197,148

$160,553

-19%

4.4

10

Cereals

$169,610

$123,600

-27%

4.4

44

Wood and articles of wood, wood charcoal

$100,440

$110,645

10%

3.6

47

Pulp of wood, fibrous cellulosic material, waste etc

$87,188

$97,462

12%

5.7

78

Lead and articles thereof

$16,488

$40,140

143%

5.1

26

Ores, slag and ash

$200,310

$35,641

-82%

1.3

71

Pearls, precious stones, metals, coins, etc

$18,668

$31,016

66%

0.5

40

Rubber and articles thereof

$40,912

$26,668

-35%

1.7

84

Machinery, nuclear reactors, boilers, etc

$11,642

$22,461

93%

0


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



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


Macroeconomic Indicator

Russia

South Korea

GDP in 2014, billion dollars

1,857.461

1,416.949

Estimated GDP in 2015, billion dollars

1,175.996

1,435.076

Inflation, average consumer prices, %

7.82

1.275

Volume of imported goods, billion dollars

282.6

525.6

Volume of exported goods, billion dollars

492.1

573.1

Unemployment rate, %

5.10

3.542

Population, millions

143.7

50.4


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