Date,
Time MSK

23.03.2016



Icelandic-Russian Bilateral Trade in 2015


In 2015 Icelandic-Russian bilateral trade volume decreased by 59% and reached 0.11 billion USD compared to 0.28 billion USD in 2014.


Icelandic exports to Russia fell to 0.09 billion USD (by 62%) while imports fell to 0.02 billion USD (by 39%) (see Figure 1).



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

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


Icelandic exports to Russia


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


▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (82%)

▪ Mineral fuels, oils, distillation products, etc (6%)

▪ Meat, fish and seafood food preparations nes (3%)

▪ Ships, boats and other floating structures (3%)

▪ Electrical, electronic equipment (2%)

▪ Meat and edible meat offal (2%)

▪ Wadding, felt, nonwovens, yarns, twine, cordage, etc (1%)

▪ Machinery, nuclear reactors, boilers, etc (1%)


In 2015 the imports of Icelandic made products in Russia experienced a significant rise . The imports of electrical, electronic equipment rise by 1240%; the imports of meat, fish and seafood food preparations nes- by 188%.



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

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



Table 1. Key products exported from Iceland 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 Icelandic products

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$204,437

$77,983

-62%

9.00

7.2

27

Mineral fuels, oils, distillation products, etc

$7,611

$6,162

-19%

0.00

2.8

16

Meat, fish and seafood food preparations nes

$895

$2,574

188%

0.4

17.7

89

Ships, boats and other floating structures

$28,282

$2,438

-91%

0.30

7.4

85

Electrical, electronic equipment

$144

$1,929

1240%

0.00

3.4

02

Meat and edible meat offal

$2,643

$1,638

-38%

0.1

30.6

56

Wadding, felt, nonwovens, yarns, twine, cordage, etc

$897

$1,094

22%

0.00

6

84

Machinery, nuclear reactors, boilers, etc

$394

$531

35%

0.00

1.9

15

Animal,vegetable fats and oils, cleavage products, etc

$814

$460

-43%

0.1

8.9

30

Pharmaceutical products

$296

$255

-14%

0.00

5.5

17

Sugars and sugar confectionery

$120

$121

1%

0.00

20.2

73

Articles of iron or steel

$212

$110

-48%

0.00

9.3

90

Optical, photo, technical, medical, etc apparatus

$2,210

$74

-97%

0.00

2.8

28

Inorganic chemicals, precious metal compound, isotopes

$0

$64

-

0.00

4.2



Russian exports to Iceland


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


▪ Articles of iron or steel (22%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (17%)

▪ Ships, boats and other floating structures (12%)

▪ Wood and articles of wood, wood charcoal (11%)

▪ Rubber and articles thereof (9%)

▪ Aluminium and articles thereof (8%)

▪ Optical, photo, technical, medical, etc apparatus (7%)

▪ Ores, slag and ash (5%)

▪ Tobacco and manufactured tobacco substitutes (2%)

▪ Other base metals, cermets, articles thereof (2%)

▪ Cereals (1%)


2015 showed a significant rise in Russian exports to Iceland of fish, crustaceans, molluscs, aquatic invertebrates nes (+461%). At the same time the exports of ores, slag and ash (-59%) showed a significant fall (see Table 2).



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

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



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

73

Articles of iron or steel

$1,153

$3,653

217%

1.3

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$489

$2,743

461%

0.5

89

Ships, boats and other floating structures

$0

$1,891

-

0

44

Wood and articles of wood, wood charcoal

$2,195

$1,826

-17%

3.4

40

Rubber and articles thereof

$942

$1,488

58%

2

76

Aluminium and articles thereof

$8,198

$1,251

-85%

7.4

90

Optical, photo, technical, medical, etc apparatus

$962

$1,165

21%

0.8

26

Ores, slag and ash

$2,075

$841

-59%

33.2

24

Tobacco and manufactured tobacco substitutes

$413

$388

-6%

2.6

81

Other base metals, cermets, articles thereof

$246

$303

23%

4.6

10

Cereals

$0

$227

-

0

62

Articles of apparel, accessories, not knit or crochet

$45

$70

56%

0.1

88

Aircraft, spacecraft, and parts thereof

$0

$62

-

0

85

Electrical, electronic equipment

$17

$61

259%

0


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



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


Macroeconomic Indicator

Russia

Iceland

GDP in 2014, billion dollars

1,857.461

16.693

GDP in 2015, billion dollars

1,175.996

17.807

Inflation, average consumer prices, %

7.82

0.850

Volume of imported goods, billion dollars

282.6

5.3

Volume of exported goods, billion dollars

492.1

4.7

Unemployment rate, %

5.10

4.00

Population, millions

143.7

0.3


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