Date,
Time MSK

25.03.2016



Cypriot-Russian Bilateral Trade in 2015


In 2015 Cypriot-Russian bilateral trade volume increased by 129% and reached 0.145 billion USD compared to 0.063 billion USD in 2014.


Cypriot exports to Russia fell to 0.010 billion USD (by 50%) while imports rose to 0.135 billion USD (by 211%) (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


Cypriot exports to Russia


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


▪ Pharmaceutical products (59%)

▪ Machinery, nuclear reactors, boilers, etc (12%)

▪ Plastics and articles thereof (7%)

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

▪ Clocks and watches and parts thereof (3%)

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

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

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

▪ Live trees, plants, bulbs, roots, cut flowers etc (1%)

▪ Toys, games, sports requisites (1%)

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

▪ Optical, photo, technical, medical, etc apparatus (1%)

▪ Electrical, electronic equipment (1%)


In 2015 the imports of Cypriot made products in Russia experienced a significant rise. The imports of articles of apparel, accessories, not knit or crochet rise by 2225%; the imports of oil seed, oleagic fruits, grain, seed, fruit- by 764%.



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

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



Table 1. Key products exported from Cyprus 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 Cypriot products

30

Pharmaceutical products

$8,075

$5,859

-27%

0.1

5.5

84

Machinery, nuclear reactors, boilers, etc

$363

$1,230

239%

0.00

1.9

39

Plastics and articles thereof

$282

$656

133%

0.00

7.2

93

Arms and ammunition, parts and accessories thereof

$263

$436

66%

0.00

17.9

91

Clocks and watches and parts thereof

$739

$342

-54%

0.00

10.9

12

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

$28

$242

764%

0.00

1.6

25

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

$289

$196

-32%

0.00

4.7

33

Essential oils, perfumes, cosmetics, toileteries

$394

$133

-66%

0.00

9.7

06

Live trees, plants, bulbs, roots, cut flowers etc

$127

$130

2%

0.00

18

95

Toys, games, sports requisites

$385

$115

-70%

0.00

10.5

62

Articles of apparel, accessories, not knit or crochet

$4

$93

2225%

0.00

14.9

90

Optical, photo, technical, medical, etc apparatus

$12

$66

450%

0.00

2.8

85

Electrical, electronic equipment

$21

$57

171%

0.00

3.4

42

Articles of leather, animal gut, harness, travel goods

$15

$48

220%

0.00

15.7



Russian exports to Cyprus


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


▪ Mineral fuels, oils, distillation products, etc (82%)

▪ Cereals (6%)

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

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

▪ Iron and steel (1%)

▪ Electrical, electronic equipment (1%)

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


2015 showed a significant rise in Russian exports to Cyprus of mineral fuels, oils, distillation products (+1428%). At the same time the exports of electrical, electronic equipment (-78%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Cyprus 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

$7,227

$110,462

1428%

0.4

10

Cereals

$12,835

$8,291

-35%

9

23

Residues, wastes of food industry, animal fodder

$10,431

$7,914

-24%

7.7

44

Wood and articles of wood, wood charcoal

$1,012

$1,737

72%

1.7

72

Iron and steel

$172

$1,145

566%

0.2

85

Electrical, electronic equipment

$5,065

$1,124

-78%

1.4

48

Paper and paperboard, articles of pulp, paper and board

$462

$845

83%

0.4

84

Machinery, nuclear reactors, boilers, etc

$1,364

$644

-53%

0.4

89

Ships, boats and other floating structures

$773

$586

-24%

0.3

74

Copper and articles thereof

$345

$301

-13%

4.1

38

Miscellaneous chemical products

$404

$265

-34%

0.7

22

Beverages, spirits and vinegar

$275

$255

-7%

0.2

95

Toys, games, sports requisites

$51

$190

273%

0.1

28

Inorganic chemicals, precious metal compound, isotopes

$147

$141

-4%

1


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

GDP in 2015, billion dollars

1,175.996

19.812

Inflation, average consumer prices, %

7.82

-1.00

Volume of imported goods, billion dollars

282.6

5.6

Volume of exported goods, billion dollars

492.1

1.8

Unemployment rate, %

5.10

15.91

Population, millions

143.7

0.9


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