Date,
Time MSK

11.04.2016



Norwegian-Russian Bilateral Trade in 2015


In 2015 Norwegian-Russian bilateral trade volume decreased by 33% and reached 1.6 billion USD compared to 2.4 billion USD in 2014.


Norwegian exports to Russia fell to 0.2 billion USD (by 74%) while imports fell to 1.4 billion USD (by 12%) (see Figure 1).



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

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



Norwegian exports to Russia


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


▪ Iron and steel (16%)

▪ Machinery, nuclear reactors, boilers, etc (14%)

▪ Commodities not elsewhere specified (10%)

▪ Electrical, electronic equipment (8%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (7%)

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

▪ Articles of iron or steel (5%)

▪ Ships, boats and other floating structures (5%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (4%)

▪ Plastics and articles thereof (3%)

▪ Paper and paperboard, articles of pulp, paper and board (3%)

▪ Optical, photo, technical, medical, etc apparatus (3%)

▪ Wadding, felt, nonwovens, yarns, twine, cordage, etc (2%)

▪ Products of animal origin, nes (2%)


In 2015 the imports of Norwegian made products in Russia experienced a significant fall. The imports of fish, crustaceans, molluscs, aquatic invertebrates nes fell by 98%; the imports of electrical, electronic equipment- by 61%.



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

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



Table 1. Key products exported from Norway 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 Norwegian products

72

Iron and steel

$7,142

$34,780

387%

0.4

3.8

84

Machinery, nuclear reactors, boilers, etc

$48,760

$29,746

-39%

0.1

1.9

99

Commodities not elsewhere specified

$34,676

$20,905

-40%

0.00


85

Electrical, electronic equipment

$42,232

$16,496

-61%

0.1

3.4

25

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

$12,115

$16,218

34%

3.7

4.7

23

Residues, wastes of food industry, animal fodder

$29,328

$12,264

-58%

3.7

4.7

73

Articles of iron or steel

$19,560

$11,661

-40%

0.2

9.3

89

Ships, boats and other floating structures

$7,644

$11,150

46%

11.8

7.4

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$530,428

$8,354

-98%

22.1

7.2

39

Plastics and articles thereof

$7,038

$6,898

-2%

0.1

7.2

48

Paper and paperboard, articles of pulp, paper and board

$8,652

$6,837

-21%

0.00

9.3

90

Optical, photo, technical, medical, etc apparatus

$8,715

$6,666

-24%

0.3

2.8

56

Wadding, felt, nonwovens, yarns, twine, cordage, etc

$5,368

$4,549

-15%

0.4

6

05

Products of animal origin, nes

$4,805

$3,773

-21%

0.00

7.1



Russian exports to Norway


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


▪ Mineral fuels, oils, distillation products, etc (47%)

▪ Aluminium and articles thereof (11%)

▪ Commodities not elsewhere specified (9%)

▪ Animal,vegetable fats and oils, cleavage products, etc (9%)

▪ Inorganic chemicals, precious metal compound, isotopes (8%)

▪ Rubber and articles thereof (4%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (3%)

▪ Miscellaneous edible preparations (2%)

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

▪ Residues, wastes of food industry, animal fodder (1%)

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

▪ Iron and steel (1%)

▪ Milling products, malt, starches, inulin, wheat gluten (1%)

▪ Fertilizers (1%)


2015 showed a significant rise in Russian exports to Norway of miscellaneous edible preparations (+1581%). At the same time the exports of aluminium and articles thereof (-68%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Norway 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

$395,866

$646,726

63%

8.4

76

Aluminium and articles thereof

$489,368

$158,380

-68%

32.9

99

Commodities not elsewhere specified

$144,748

$123,165

-15%

14.9

15

Animal,vegetable fats and oils, cleavage products, etc

$163,926

$121,025

-26%

19.1

28

Inorganic chemicals, precious metal compound, isotopes

$108,677

$107,812

-1%

7.2

40

Rubber and articles thereof

$58,963

$57,803

-2%

7

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$26,324

$37,901

44%

6

21

Miscellaneous edible preparations

$1,277

$21,467

1581%

0.2

44

Wood and articles of wood, wood charcoal

$23,316

$16,184

-31%

1.4

23

Residues, wastes of food industry, animal fodder

$31,939

$15,373

-52%

3.4

94

Furniture, lighting, signs, prefabricated buildings

$12,083

$14,479

20%

0.4

72

Iron and steel

$20,746

$12,669

-39%

2.1

11

Milling products, malt, starches, inulin, wheat gluten

$6,349

$8,248

30%

2.3

31

Fertilizers

$11,456

$6,950

-39%

12.2



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



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


Macroeconomic Indicator

Russia

Norway

GDP in 2014, billion dollars

1,857.461

500.244

GDP in 2015, billion dollars

1,175.996

420.958

Inflation, average consumer prices, %

7.82

2.25

Volume of imported goods, billion dollars

282.6

76.3

Volume of exported goods, billion dollars

492.1

105.4

Unemployment rate, %

5.10

3.80

Population, millions

143.7

5.2


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