Date,
Time MSK

13.04.2016



South Korean-Russian Bilateral Trade in 2015


In 2015 South Korean-Russian bilateral trade volume decreased by 38% and reached 16.0 billion USD compared to 25.8 billion USD in 2014.


South Korean exports to Russia fell to 4.7 billion USD (by 54%) while imports fell to 11.3 billion USD (by 28%) (see Figure 1).



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

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



South Korean exports to Russia


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


▪ Vehicles other than railway, tramway (37%)

▪ Machinery, nuclear reactors, boilers, etc (15%)

▪ Electrical, electronic equipment (11%)

▪ Plastics and articles thereof (8%)

▪ Iron and steel (3%)

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

▪ Rubber and articles thereof (2%)

▪ Mineral fuels, oils, distillation products, etc (2%)

▪ Articles of iron or steel (2%)

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

▪ Organic chemicals (1%)

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

▪ Miscellaneous edible preparations (1%)

▪ Tools, implements, cutlery, etc of base metal (1%)


In 2015 the imports of South Korean made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 56%; the imports of articles of iron or steel- by 56%.



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

Figure 2. Structure of South Korean Exports to Russia in 2015.png



Table 1. Key products exported from South Korea 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 South Korean products

87

Vehicles other than railway, tramway

$4,025,133

$1,751,547

-56%

8.6

12.6

84

Machinery, nuclear reactors, boilers, etc

$1,406,249

$706,915

-50%

3.6

1.9

85

Electrical, electronic equipment

$986,472

$492,246

-50%

3.7

3.4

39

Plastics and articles thereof

$631,828

$389,121

-38%

5.5

6.9

72

Iron and steel

$243,813

$138,404

-43%

5.5

3.8

90

Optical, photo, technical, medical, etc apparatus

$195,117

$130,923

-33%

2.8

2.8

40

Rubber and articles thereof

$225,490

$114,784

-49%

8.00

7.1

27

Mineral fuels, oils, distillation products, etc

$128,515

$101,250

-21%

2.6

2.8

73

Articles of iron or steel

$216,678

$94,927

-56%

3.00

9.3

94

Furniture, lighting, signs, prefabricated buildings

$100,293

$67,588

-33%

5.6

11.8

29

Organic chemicals

$81,471

$67,372

-17%

3.00

3.4

48

Paper and paperboard, articles of pulp, paper and board

$84,702

$61,514

-27%

1.6

9.3

21

Miscellaneous edible preparations

$93,209

$61,223

-34%

2.4

12.5

82

Tools, implements, cutlery, etc of base metal

$46,603

$53,233

14%

3.6

6.7



Russian exports to South Korea


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


▪ Mineral fuels, oils, distillation products, etc (77%)

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (6%)

▪ Aluminium and articles thereof (4%)

▪ Iron and steel (3%)

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

▪ Cereals (1%)

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

▪ Pulp of wood, fibrous cellulosic material, waste etc (1%)

▪ Pearls, precious stones, metals, coins, etc (1%)


2015 showed a significant rise in Russian exports to South Korea of pearls, precious stones, metals, coins (+195%). At the same time the exports of ores, slag and ash (-80%) showed a significant fall (see Table 2).



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

Figure 3. Structure of Russian Exports to South Korea in 2015.png



Table 2. Key products exported from Russia to South Korea 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

$12,381,772

$8,726,757

-30%

7

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$669,317

$702,273

5%

18.4

76

Aluminium and articles thereof

$566,509

$405,543

-28%

9.1

72

Iron and steel

$827,502

$393,303

-52%

3.8

28

Inorganic chemicals, precious metal compound, isotopes

$259,802

$314,123

21%

4.4

10

Cereals

$184,322

$145,702

-21%

4.4

44

Wood and articles of wood, wood charcoal

$120,555

$133,674

11%

3.6

47

Pulp of wood, fibrous cellulosic material, waste etc

$104,583

$116,833

12%

5.7

71

Pearls, precious stones, metals, coins, etc

$20,180

$59,521

195%

0.5

78

Lead and articles thereof

$22,449

$48,632

117%

5.1

26

Ores, slag and ash

$223,387

$43,862

-80%

1.3

40

Rubber and articles thereof

$46,367

$31,862

-31%

1.7

85

Electrical, electronic equipment

$23,802

$31,462

32%

0

84

Machinery, nuclear reactors, boilers, etc

$15,179

$25,044

65%

0



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



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


Macroeconomic Indicator

Russia

Korea

GDP in 2014, billion dollars

1,857.461

1,416.949

GDP in 2015, billion dollars

1,175.996

1,435.076

Inflation, average consumer prices, %

7.82

1.550

Volume of imported goods, billion dollars

282.6

436.5

Volume of exported goods, billion dollars

492.1

526.9

Unemployment rate, %

5.10

3.600

Population, millions

143.7

50.641


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