Date,
Time MSK

13.04.2016



Nicaragua-Russian Bilateral Trade in 2015


In 2015 Nicaragua-Russian bilateral trade volume increased by 16% and reached 67.8 million USD compared to 58.3 million USD in 2014.


Nicaragua exports to Russia fell to 5.6 million USD (by 70%) while imports rose to 62.2 million USD (by 56%) (see Figure 1).


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

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


Nicaragua exports to Russia


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


▪ Oil seed, oleagic fruits, grain, seed, fruit, etc, nes (58%)

▪ Coffee, tea, mate and spices (27%)

▪ Meat and edible meat offal (14%)

▪ Tobacco and manufactured tobacco substitutes (1%)


In 2015 the imports of Nicaragua made products in Russia experienced a significant fall. The imports of meat and edible meat offal fell by 83%; the imports of coffee, tea, mate and spices- by 67%.



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

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



Table 1. Key products exported from Nicaragua 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 Nicaragua products

12

Oil seed, oleagic fruits, grain, seed, fruit, etc, nes

$9,064

$3,233

-64%

0.6

1.2

09

Coffee, tea, mate and spices

$4,466

$1,490

-67%

0.5

2.3

02

Meat and edible meat offal

$4,683

$789

-83%

0.1

23

24

Tobacco and manufactured tobacco substitutes

$202

$75

-63%

0.00

12.6

39

Plastics and articles thereof

$0

$1

#/0!

0.00

6.9



Russian exports to Nicaragua


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


▪ Cereals (49%)

▪ Fertilizers (40%)

▪ Vehicles other than railway, tramway (6%)

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

▪ Rubber and articles thereof (1%)

▪ Plastics and articles thereof (1%)



2015 showed a significant rise in Russian exports to Nicaragua of plastics and articles thereof (+19750%). At the same time the exports of aircraft, spacecraft, and parts thereof (-75%) showed a significant fall (see Table 2).



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

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



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

10

Cereals

$16,655

$30,540

83%

12.4

31

Fertilizers

$14,391

$25,131

75%

16.5

87

Vehicles other than railway, tramway

$4,532

$3,628

-20%

1.1

84

Machinery, nuclear reactors, boilers, etc

$1,618

$829

-49%

0.3

40

Rubber and articles thereof

$444

$515

16%

0.5

39

Plastics and articles thereof

$2

$397

19750%

0

28

Inorganic chemicals, precious metal compound, isotopes

$186

$259

39%

0.6

88

Aircraft, spacecraft, and parts thereof

$1,025

$255

-75%

54.1

90

Optical, photo, technical, medical, etc apparatus

$86

$111

29%

0.1

48

Paper and paperboard, articles of pulp, paper and board

$283

$107

-62%

0.2

72

Iron and steel

$65

$105

62%

0

25

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

$29

$77

166%

0.1

82

Tools, implements, cutlery, etc of base metal

$0

$67

-

0

85

Electrical, electronic equipment

$163

$62

-62%

0



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



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


Macroeconomic Indicator

Russia

Nicaragua

GDP in 2014, billion dollars

1,857.461

11.707

GDP in 2015, billion dollars

1,175.996

12.296

Inflation, average consumer prices, %

7.82

5.427

Volume of imported goods, billion dollars

282.6

5.9

Volume of exported goods, billion dollars

492.1

5.1

Unemployment rate, %

5.10

3.627

Population, millions

143.7

6.300


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