Date,
Time MSK

11.04.2016



Panama-Russian Bilateral Trade in 2015


In 2015 Panama-Russian bilateral trade volume decreased by 36% and reached 7.6 million USD compared to 11.8 million USD in 2014.


Panama exports to Russia fell to 0.2 million USD (by 69%) while imports fell to 7.3 million USD (by 33%) (see Figure 1).



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

Figure 1. 2007-2015 Panama-Russian bilateral trade turnover, million USD.png



Panama exports to Russia


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


▪ Beverages, spirits and vinegar (67%)

▪ Edible fruit, nuts, peel of citrus fruit, melons (32%)

▪ Plastics and articles thereof (1%)


In 2015 the imports of Panama made products in Russia experienced a significant fall. The imports of edible fruit, nuts, peel of citrus fruit, melons fell by 74%; the imports of beverages, spirits and vinegar- by 66%.



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

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



Table 1. Key products exported from Panama 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 Panama products

22

Beverages, spirits and vinegar

$424

$143

-66%

0.00

27.7

08

Edible fruit, nuts, peel of citrus fruit, melons

$268

$69

-74%

0.00

3.9

39

Plastics and articles thereof

$0

$2

-

0.00

6.9



Russian exports to Panama


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


▪ Fertilizers (80%)

▪ Plastics and articles thereof (11%)

▪ Organic chemicals (3%)

▪ Inorganic chemicals, precious metal compound, isotopes (2%)

▪ Footwear, gaiters and the like, parts thereof (1%)

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

▪ Vehicles other than railway, tramway (1%)

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


2015 showed a significant rise in Russian exports to Panama of optical, photo, technical, medical, etc apparatus (+814%). At the same time the exports of machinery, nuclear reactors, boilers (-98%) showed a significant fall (see Table 2).



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

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



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

31

Fertilizers

$7,026

$5,875

-16%

12

39

Plastics and articles thereof

$391

$790

102%

0.1

29

Organic chemicals

$286

$220

-23%

0.9

28

Inorganic chemicals, precious metal compound, isotopes

$251

$132

-47%

0.8

64

Footwear, gaiters and the like, parts thereof

$58

$66

14%

0

90

Optical, photo, technical, medical, etc apparatus

$7

$64

814%

0

87

Vehicles other than railway, tramway

$0

$57

-

0

48

Paper and paperboard, articles of pulp, paper and board

$71

$50

-30%

0

99

Commodities not elsewhere specified

$9

$33

267%

0.1

38

Miscellaneous chemical products

$0

$23

-

0

97

Works of art, collectors pieces and antiques

$0

$20

-

0

84

Machinery, nuclear reactors, boilers, etc

$1,219

$19

-98%

0.1

68

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

$0

$8

-

0



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



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


Macroeconomic Indicator

Russia

Panama

GDP in 2014, billion dollars

1,857.461

43.784

GDP in 2015, billion dollars

1,175.996

47.478

Inflation, average consumer prices, %

7.82

0.900

Volume of imported goods, billion dollars

282.6

12.1

Volume of exported goods, billion dollars

492.1

0.7

Unemployment rate, %

5.10

4.098

Population, millions

143.7

4.006


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