Date,
Time MSK

21.03.2016



Estonian-Russian Bilateral Trade in 2015


In 2015 Estonian-Russian bilateral trade volume decreased by 38% and reached 2.9 billion USD compared to 4.6 billion USD in 2014.


Estonian exports to Russia fell to 1.3 billion USD (by 45%) while imports fell to 1.5 billion USD (by 30%) (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


Estonian exports to Russia


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


▪ Machinery, nuclear reactors, boilers, etc (17%)

▪ Electrical, electronic equipment (13%)

▪ Cocoa and cocoa preparations (11%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (6%)

▪ Rubber and articles thereof (6%)

▪ Beverages, spirits and vinegar (5%)

▪ Vehicles other than railway, tramway (4%)

▪ Plastics and articles thereof (3%)

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

▪ Toys, games, sports requisites (2%)

▪ Articles of apparel, accessories, not knit or crochet (2%)

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

▪ Articles of iron or steel (2%)

▪ Articles of apparel, accessories, knit or crochet (2%)


In 2015 the imports of Estonian made products in Russia experienced a significant fall The imports of articles of apparel, accessories, knit or crochet fell by 70%; the imports of vehicles other than railway, tramway- by 60%.



Figure 2. Structure of Estonian Exports to Russia in 2015. Source: ITC Trade Map.

Figure 2. Structure of Estonian Exports to Russia in 2015.png



Table 1. Key products exported from Estonia to Russia in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

Tariff applied by Russia to Estonian products

84

Machinery, nuclear reactors, boilers, etc

$454,277

$234,241

-48%

0.1

1.9

85

Electrical, electronic equipment

$256,530

$174,962

-32%

3.5

3.4

18

Cocoa and cocoa preparations

$178,623

$146,345

-18%

0.1

5.8

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$126,870

$81,616

-36%

4.9

3.7

40

Rubber and articles thereof

$154,596

$74,468

-52%

0.00

7.1

22

Beverages, spirits and vinegar

$146,584

$73,746

-50%

0.1

27.7

87

Vehicles other than railway, tramway

$130,916

$52,671

-60%

0.00

12.6

39

Plastics and articles thereof

$52,651

$42,331

-20%

0.2

7.2

90

Optical, photo, technical, medical, etc apparatus

$72,038

$37,002

-49%

0.1

2.8

95

Toys, games, sports requisites

$40,530

$28,581

-29%

0.2

10.5

62

Articles of apparel, accessories, not knit or crochet

$65,210

$27,930

-57%

0.1

14.9

27

Mineral fuels, oils, distillation products, etc

$12,959

$27,118

109%

0.1

2.8

73

Articles of iron or steel

$52,818

$25,221

-52%

0.2

9.3

61

Articles of apparel, accessories, knit or crochet

$73,504

$21,804

-70%

0.00

22.8



Russian exports to Estonia


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


▪ Mineral fuels, oils, distillation products, etc (65%)

▪ Wood and articles of wood, wood charcoal (9%)

▪ Iron and steel (4%)

▪ Fertilizers (4%)

▪ Aluminium and articles thereof (2%)

▪ Electrical, electronic equipment (2%)

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

▪ Organic chemicals (1%)

▪ Articles of iron or steel (1%)

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

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

▪ Rubber and articles thereof (1%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (1%)

▪ Plastics and articles thereof (1%)


2015 showed a significant rise in Russian exports to Estonia of other base metals, cermets, articles thereof (+36%). At the same time the exports of organic chemicals (-57%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Estonia in 2015. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Estonia in 2015.png



Table 2. Key products exported from Russia to Estonia in 2015. Source: ITC Trade Map.


Product HS Code

Product Type

Volume in 2014, USD thousand

Volume in 2015, USD thousand

Change in 2015, %

Share in total product imports, %

27

Mineral fuels, oils, distillation products, etc

$1,543,754

$985,941

-36%

49.1

44

Wood and articles of wood, wood charcoal

$167,711

$141,903

-15%

34.9

72

Iron and steel

$91,748

$65,357

-29%

18.2

31

Fertilizers

$41,010

$54,735

33%

37.6

76

Aluminium and articles thereof

$36,599

$28,689

-22%

24.4

85

Electrical, electronic equipment

$31,697

$28,082

-11%

0.9

84

Machinery, nuclear reactors, boilers, etc

$26,397

$27,569

4%

1.7

29

Organic chemicals

$51,892

$22,259

-57%

23.9

73

Articles of iron or steel

$25,576

$20,493

-20%

6.3

81

Other base metals, cermets, articles thereof

$12,274

$16,728

36%

67

48

Paper and paperboard, articles of pulp, paper and board

$13,313

$16,545

24%

4.5

40

Rubber and articles thereof

$12,651

$12,641

0%

3.5

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$6,603

$8,134

23%

3.9

39

Plastics and articles thereof

$12,807

$8,109

-37%

1.9


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

0.39

Volume of imported goods, billion dollars

282.6

15.7

Volume of exported goods, billion dollars

492.1

13.9

Unemployment rate, %

5.10

6.98

Population, millions

143.7

1.3


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