Date,
Time MSK

29.03.2016



Romanian-Russian Bilateral Trade in 2015


In 2015 Romanian-Russian bilateral trade volume decreased by 34% and reached 3.3 billion USD compared to 5.0 billion USD in 2014.


Romanian exports to Russia fell to 1.1 billion USD (by 44%) while imports fell to 2.2 billion USD (by 28%) (see Figure 1).



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

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



Romanian exports to Russia


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


▪ Vehicles other than railway, tramway (33%)

▪ Machinery, nuclear reactors, boilers, etc (22%)

▪ Pharmaceutical products (9%)

▪ Essential oils, perfumes, cosmetics, toileteries (6%)

▪ Electrical, electronic equipment (6%)

▪ Cereals (4%)

▪ Rubber and articles thereof (3%)

▪ Articles of iron or steel (2%)

▪ Furniture, lighting, signs, prefabricated buildings (2%)

▪ Optical, photo, technical, medical, etc apparatus (2%)

▪ Plastics and articles thereof (2%)

▪ Mineral fuels, oils, distillation products, etc (1%)

▪ Miscellaneous articles of base metal (1%)

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


In 2015 the imports of Romanian made products in Russia experienced a significant fall. The imports of paper and paperboard, articles of pulp, paper and board fell by 56%; the imports of furniture, lighting, signs, prefabricated buildings- by 47%.



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

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



Table 1. Key products exported from Romania 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 Romanian products

87

Vehicles other than railway, tramway

$621,968

$367,529

-41%

1.7

12.6

84

Machinery, nuclear reactors, boilers, etc

$443,051

$237,043

-46%

0.9

1.9

30

Pharmaceutical products

$131,406

$101,705

-23%

1.4

5.5

33

Essential oils, perfumes, cosmetics, toileteries

$105,194

$69,001

-34%

2.7

9.7

85

Electrical, electronic equipment

$108,639

$60,536

-44%

0.5

3.4

10

Cereals

$69,957

$45,183

-35%

12.9

3.6

40

Rubber and articles thereof

$49,424

$31,074

-37%

1.8

7.1

73

Articles of iron or steel

$43,291

$26,851

-38%

0.7

9.3

94

Furniture, lighting, signs, prefabricated buildings

$48,752

$25,630

-47%

1.3

11.9

90

Optical, photo, technical, medical, etc apparatus

$33,681

$20,563

-39%

0.2

2.8

39

Plastics and articles thereof

$28,112

$17,350

-38%

0.5

7.2

27

Mineral fuels, oils, distillation products, etc

$17,653

$16,360

-7%

1.3

2.8

83

Miscellaneous articles of base metal

$20,825

$14,661

-30%

1.7

10.1

48

Paper and paperboard, articles of pulp, paper and board

$31,991

$13,936

-56%

0.7

9.3



Russian exports to Romania


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


▪ Mineral fuels, oils, distillation products, etc (83%)

▪ Iron and steel (3%)

▪ Rubber and articles thereof (3%)

▪ Organic chemicals (2%)

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

▪ Ores, slag and ash (1%)

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

▪ Articles of iron or steel (1%)

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

▪ Salt, sulphur, earth, stone, plaster, lime and cement (1%)

▪ Fertilizers (1%)


2015 showed a significant rise in Russian exports to Romania of iron and steel (+16%). At the same time the exports of ores, slag and ash (-61%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Romania 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

$2,544,574

$1,814,686

-29%

35.1

72

Iron and steel

$63,995

$74,433

16%

2.4

40

Rubber and articles thereof

$98,072

$71,540

-27%

6.7

29

Organic chemicals

$61,957

$41,727

-33%

7.8

48

Paper and paperboard, articles of pulp, paper and board

$31,888

$30,360

-5%

2.6

26

Ores, slag and ash

$75,769

$29,760

-61%

25.9

84

Machinery, nuclear reactors, boilers, etc

$26,362

$24,246

-8%

0.3

73

Articles of iron or steel

$36,071

$21,792

-40%

1.5

28

Inorganic chemicals, precious metal compound, isotopes

$17,993

$16,389

-9%

5.1

25

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

$15,808

$13,631

-14%

10.6

31

Fertilizers

$18,188

$13,531

-26%

4.6

39

Plastics and articles thereof

$14,460

$10,396

-28%

0.4

85

Electrical, electronic equipment

$9,162

$7,736

-16%

0.1

68

Stone, plaster, cement, asbestos, mica, etc articles

$5,083

$5,756

13%

2.1


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



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


Macroeconomic Indicator

Russia

Romania

GDP in 2014, billion dollars

1,857.461

199.950

GDP in 2015, billion dollars

1,175.996

189.747

Inflation, average consumer prices, %

7.82

1.029

Volume of imported goods, billion dollars

282.6

69.9

Volume of exported goods, billion dollars

492.1

60.6

Unemployment rate, %

5.10

6.74

Population, millions

143.7

19.8


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