Date,
Time MSK

25.03.2016



American-Russian Bilateral Trade in 2015


In 2015 American-Russian bilateral trade volume decreased by 29% and reached 24.4 billion USD compared to 34.4 billion USD in 2014.


American exports to Russia fell to 7.1 billion USD (by 34%) while imports fell to 17.4 billion USD (by 27%) (see Figure 1).



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

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


American exports to Russia


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


▪ Aircraft, spacecraft, and parts thereof (27%)

▪ Machinery, nuclear reactors, boilers, etc (20%)

▪ Vehicles other than railway, tramway (8%)

▪ Electrical, electronic equipment (7%)

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

▪ Inorganic chemicals, precious metal compound, isotopes (3%)

▪ Oil seed, oleagic fruits, grain, seed, fruit, etc, nes (3%)

▪ Pharmaceutical products (3%)

▪ Miscellaneous chemical products (3%)

▪ Plastics and articles thereof (2%)

▪ Articles of iron or steel (2%)

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

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

▪ Miscellaneous edible preparations (1%)


In 2015 the imports of American made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 72%; the imports of miscellaneous edible preparations- by 38%.



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

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



Table 1. Key products exported from United States 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 American products

88

Aircraft, spacecraft, and parts thereof

$2,357,994

$1,919,866

-19%

71.5

7.9

84

Machinery, nuclear reactors, boilers, etc

$1,946,902

$1,438,396

-26%

5.1

1.9

87

Vehicles other than railway, tramway

$2,140,910

$597,301

-72%

9.9

12.6

85

Electrical, electronic equipment

$691,445

$518,459

-25%

2.8

3.4

90

Optical, photo, technical, medical, etc apparatus

$668,663

$507,528

-24%

18.3

2.8

28

Inorganic chemicals, precious metal compound, isotopes

$56,231

$230,779

310%

2.8

4.2

12

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

$212,719

$206,005

-3%

17.3

1.6

30

Pharmaceutical products

$227,009

$203,001

-11%

6.8

5.5

38

Miscellaneous chemical products

$181,575

$185,504

2%

10.5

4.3

39

Plastics and articles thereof

$259,197

$163,416

-37%

4.00

7.2

73

Articles of iron or steel

$125,041

$127,579

2%

5.1

9.3

33

Essential oils, perfumes, cosmetics, toileteries

$101,397

$91,657

-10%

5.7

9.7

94

Furniture, lighting, signs, prefabricated buildings

$82,680

$61,902

-25%

1.9

11.9

21

Miscellaneous edible preparations

$89,078

$55,459

-38%

9.3

13.6



Russian exports to United States


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


▪ Mineral fuels, oils, distillation products, etc (52%)

▪ Iron and steel (10%)

▪ Inorganic chemicals, precious metal compound, isotopes (7%)

▪ Fertilizers (6%)

▪ Aluminium and articles thereof (4%)

▪ Pearls, precious stones, metals, coins, etc (4%)

▪ Commodities not elsewhere specified (3%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (2%)

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

▪ Rubber and articles thereof (1%)

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

▪ Works of art, collectors pieces and antiques (1%)

▪ Aircraft, spacecraft, and parts thereof (1%)

▪ Articles of iron or steel (1%)


2015 showed a significant rise in Russian exports to United States of commodities not elsewhere specified (+434%). At the same time the exports of iron and steel (-50%) showed a significant fall (see Table 2).



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

Figure 3. Structure of Russian Exports to United States in 2015.png



Table 2. Key products exported from Russia to United States 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

$13,891,709

$8,979,425

-35%

4

72

Iron and steel

$3,320,900

$1,662,810

-50%

9.7

28

Inorganic chemicals, precious metal compound, isotopes

$1,154,242

$1,206,969

5%

8.4

31

Fertilizers

$896,724

$1,037,100

16%

11

76

Aluminium and articles thereof

$791,731

$760,074

-4%

4.7

71

Pearls, precious stones, metals, coins, etc

$870,600

$723,003

-17%

1.4

99

Commodities not elsewhere specified

$97,136

$519,012

434%

0.1

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$319,703

$320,905

0%

2

84

Machinery, nuclear reactors, boilers, etc

$190,947

$251,894

32%

0.1

40

Rubber and articles thereof

$230,135

$228,699

-1%

0.8

81

Other base metals, cermets, articles thereof

$219,187

$208,190

-5%

8.2

97

Works of art, collectors pieces and antiques

$179,526

$196,653

10%

2

88

Aircraft, spacecraft, and parts thereof

$172,994

$193,073

12%

0.5

73

Articles of iron or steel

$256,361

$191,168

-25%

0.7


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



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


Macroeconomic Indicator

Russia

United States

GDP in 2014, billion dollars

1,857.461

17,418.925

GDP in 2015, billion dollars

1,175.996

18,124.731

Inflation, average consumer prices, %

7.82

4.57

Volume of imported goods, billion dollars

282.6

2,308.7

Volume of exported goods, billion dollars

492.1

1,504.6

Unemployment rate, %

5.10

5.46

Population, millions

143.7

321.239


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