Date,
Time MSK

22.03.2016



Danish-Russian Bilateral Trade in 2015


In 2015 Danish-Russian bilateral trade volume decreased by 14% and reached 2.2 billion USD compared to 2.6 billion USD in 2014.


Danish exports to Russia fell to 0.76 billion USD (by 46%) while imports rose to 1.5 billion USD (by 24%) (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


Danish exports to Russia


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


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

▪ Miscellaneous chemical products (8%)

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

▪ Electrical, electronic equipment (8%)

▪ Pharmaceutical products (7%)

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

▪ Albuminoids, modified starches, glues, enzymes (6%)

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

▪ Cereal, flour, starch, milk preparations and products (3%)

▪ Vehicles other than railway, tramway (3%)

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

▪ Miscellaneous edible preparations (1%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (1%)

▪ Plastics and articles thereof (1%)


In 2015 the imports of Danish made products in Russia experienced a significant fall. The imports of miscellaneous edible preparations fell by 71%; the imports of machinery, nuclear reactors, boilers, etc - by 52%.



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

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



Table 1. Key products exported from Denmark 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 Denmark products

84

Machinery, nuclear reactors, boilers, etc

$412,362

$196,316

-52%

0.9

1.9

38

Miscellaneous chemical products

$82,733

$64,508

-22%

2.3

4.3

90

Optical, photo, technical, medical, etc apparatus

$83,628

$63,307

-24%

0.8

2.8

85

Electrical, electronic equipment

$93,618

$62,756

-33%

0.2

3.4

30

Pharmaceutical products

$88,445

$55,342

-37%

1.8

5.5

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$47,492

$47,424

0%

1.00

7.2

35

Albuminoids, modified starches, glues, enzymes

$69,413

$47,148

-32%

10.7

5.2

23

Residues, wastes of food industry, animal fodder

$39,757

$36,061

-9%

3.7

4.9

19

Cereal, flour, starch, milk preparations and products

$47,795

$24,311

-49%

3.3

11.7

87

Vehicles other than railway, tramway

$40,196

$20,654

-49%

0.1

12.6

34

Soaps, lubricants, waxes, candles, modelling pastes

$14,486

$11,282

-22%

0.5

9.8

21

Miscellaneous edible preparations

$34,881

$10,004

-71%

2.1

13.6

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$11,570

$9,731

-16%

0.6

3.7

39

Plastics and articles thereof

$17,101

$8,884

-48%

0.3

7.2



Russian exports to Denmark


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


▪ Mineral fuels, oils, distillation products, etc (58%)

▪ Iron and steel (18%)

▪ Residues, wastes of food industry, animal fodder (6%)

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

▪ Wood and articles of wood, wood charcoal (5%)

▪ Fertilizers (3%)

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

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

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

▪ Cereals (1%)


2015 showed a significant rise in Russian exports to Denmark of miscellaneous edible preparations (+147700%). At the same time the exports of commodities not elsewhere specified (-73%) showed a significant fall (see Table 2).



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

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




Table 2. Key products exported from Russia to Denmark 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

$511,720

$866,280

69%

6.1

72

Iron and steel

$335,779

$268,416

-20%

15.5

23

Residues, wastes of food industry, animal fodder

$111,515

$89,709

-20%

6.4

89

Ships, boats and other floating structures

$0

$68,583

-

0

44

Wood and articles of wood, wood charcoal

$95,792

$67,502

-30%

4.8

31

Fertilizers

$42,822

$42,527

-1%

11.8

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$12,226

$17,767

45%

0.7

15

Animal,vegetable fats and oils, cleavage products, etc

$16,848

$17,621

5%

2.1

28

Inorganic chemicals, precious metal compound, isotopes

$13,724

$10,151

-26%

3

10

Cereals

$17,756

$10,018

-44%

6.8

48

Paper and paperboard, articles of pulp, paper and board

$5,351

$4,870

-9%

0.3

99

Commodities not elsewhere specified

$9,350

$2,549

-73%

0.4

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$1,307

$1,799

38%

0.2

21

Miscellaneous edible preparations

$1

$1,478

147700%

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

0.80

Volume of imported goods, billion dollars

282.6

85.3

Volume of exported goods, billion dollars

492.1

94.4

Unemployment rate, %

5.10

6.20

Population, millions

143.7

5.6


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