Date,
Time MSK

05.04.2016



Italian-Russian Bilateral Trade in 2015


In 2015 Italian-Russian bilateral trade volume decreased by 33% and reached 23.7 billion USD compared to 35.6 billion USD in 2014.


Italian exports to Russia fell to 7.9 billion USD (by 38%) while imports fell to 15.8 billion USD (by 31%) (see Figure 1).



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

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



Italian exports to Russia


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

▪ Machinery, nuclear reactors, boilers, etc (33%)

▪ Furniture, lighting, signs, prefabricated buildings (8%)

▪ Articles of apparel, accessories, not knit or crochet (7%)

▪ Electrical, electronic equipment (5%)

▪ Footwear, gaiters and the like, parts thereof (5%)

▪ Plastics and articles thereof (3%)

▪ Pharmaceutical products (3%)

▪ Articles of apparel, accessories, knit or crochet (3%)

▪ Vehicles other than railway, tramway (2%)

▪ Articles of iron or steel (2%)

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

▪ Essential oils, perfumes, cosmetics, toileteries (2%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (2%)

▪ Articles of leather, animal gut, harness, travel goods (2%)


In 2015 the imports of Italian made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 59%; the imports of articles of iron or steel- by 55%.



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

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



Table 1. Key products exported from Italy 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 Italian products

84

Machinery, nuclear reactors, boilers, etc

$3,948,299

$2,620,578

-34%

8.9

1.9

94

Furniture, lighting, signs, prefabricated buildings

$985,218

$591,439

-40%

10.00

11.9

62

Articles of apparel, accessories, not knit or crochet

$974,242

$557,610

-43%

6.1

14.9

85

Electrical, electronic equipment

$606,696

$419,313

-31%

2.4

3.4

64

Footwear, gaiters and the like, parts thereof

$668,276

$378,605

-43%

10.1

8.4

39

Plastics and articles thereof

$368,341

$266,045

-28%

4.6

7.2

30

Pharmaceutical products

$361,307

$246,265

-32%

5.8

5.5

61

Articles of apparel, accessories, knit or crochet

$406,589

$241,340

-41%

4.4

22.8

87

Vehicles other than railway, tramway

$446,932

$182,340

-59%

1.4

12.6

73

Articles of iron or steel

$366,480

$166,129

-55%

6.4

9.3

90

Optical, photo, technical, medical, etc apparatus

$232,737

$144,406

-38%

3.3

2.8

33

Essential oils, perfumes, cosmetics, toileteries

$184,214

$133,319

-28%

7.5

9.7

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$167,978

$127,068

-24%

7.3

3.7

42

Articles of leather, animal gut, harness, travel goods

$198,319

$125,889

-37%

12.9

15.7



Russian exports to Italy


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


▪ Mineral fuels, oils, distillation products, etc (79%)

▪ Iron and steel (7%)

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

▪ Pearls, precious stones, metals, coins, etc (2%)

▪ Copper and articles thereof (1%)

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

▪ Aluminium and articles thereof (1%)

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

▪ Fertilizers (1%)

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



2015 showed a significant rise in Russian exports to Italy of copper and articles thereof (+303%). At the same time the exports of inorganic chemicals, precious metal compound, isotopes (-55%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Italy 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

$19,093,821

$12,495,790

-35%

24.7

72

Iron and steel

$1,174,089

$1,100,510

-6%

6.2

28

Inorganic chemicals, precious metal compound, isotopes

$995,171

$448,685

-55%

31.2

71

Pearls, precious stones, metals, coins, etc

$245,742

$323,754

32%

2.4

74

Copper and articles thereof

$55,449

$223,480

303%

0.7

88

Aircraft, spacecraft, and parts thereof

$185,870

$215,635

16%

7.5

76

Aluminium and articles thereof

$245,905

$209,090

-15%

4.1

48

Paper and paperboard, articles of pulp, paper and board

$98,103

$110,686

13%

1.6

31

Fertilizers

$50,292

$92,103

83%

5.1

44

Wood and articles of wood, wood charcoal

$101,067

$83,924

-17%

2.1

23

Residues, wastes of food industry, animal fodder

$91,569

$68,980

-25%

3.3

10

Cereals

$64,001

$60,026

-6%

1.6

41

Raw hides and skins (other than furskins) and leather

$118,248

$57,604

-51%

2.4

40

Rubber and articles thereof

$42,977

$51,789

21%

0.8



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



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


Macroeconomic Indicator

Russia

Italy

GDP in 2014, billion dollars

1,857.461

2,147.952

GDP in 2015, billion dollars

1,175.996

1,842.835

Inflation, average consumer prices, %

7.82

0.002

Volume of imported goods, billion dollars

282.6

409.1

Volume of exported goods, billion dollars

492.1

458.9

Unemployment rate, %

5.10

12.600

Population, millions

143.7

60.236


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