Date,
Time MSK

13.04.2016



Hong Kong-Russian Bilateral Trade in 2015


In 2015 Hong Kong-Russian bilateral trade volume decreased by 33% and reached 2.5 billion USD compared to 3.7 billion USD in 2014.


Hong Kong exports to Russia fell to 1.6 billion USD (by 30%) while imports fell to 0.8 billion USD (by 39%) (see Figure 1).


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

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


Hong Kong exports to Russia


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


▪ Electrical, electronic equipment (61%)

▪ Machinery, nuclear reactors, boilers, etc (17%)

▪ Pearls, precious stones, metals, coins, etc (5%)

▪ Toys, games, sports requisites (4%)

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

▪ Furskins and artificial fur, manufactures thereof (2%)

▪ Articles of apparel, accessories, knit or crochet (1%)

▪ Articles of apparel, accessories, not knit or crochet (1%)

▪ Clocks and watches and parts thereof (1%)

▪ Articles of leather, animal gut, harness, travel goods (1%)

▪ Printed books, newspapers, pictures etc (1%)

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


In 2015 the imports of Hong Kong made products in Russia experienced a significant fall. The imports of plastics and articles thereof fell by 64%; the imports of articles of leather, animal gut, harness - by 63%.



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

Figure 2. Structure of Hong Kong Exports to Russia in 2015.png



Table 1. Key products exported from Hong Kong 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 Hong Kong products

85

Electrical, electronic equipment

$1,427,588

$994,291

-30%

0.2

3.4

84

Machinery, nuclear reactors, boilers, etc

$201,660

$286,197

42%

0.00

1.9

71

Pearls, precious stones, metals, coins, etc

$208,482

$79,726

-62%

0.1

15.1

95

Toys, games, sports requisites

$120,106

$67,488

-44%

0.8

10.5

90

Optical, photo, technical, medical, etc apparatus

$59,486

$44,458

-25%

0.00

2.8

43

Furskins and artificial fur, manufactures thereof

$51,031

$28,568

-44%

2.3

6.1

61

Articles of apparel, accessories, knit or crochet

$46,044

$23,681

-49%

0.3

22.8

62

Articles of apparel, accessories, not knit or crochet

$38,943

$22,429

-42%

0.3

14.9

91

Clocks and watches and parts thereof

$21,756

$12,181

-44%

0.2

10.9

42

Articles of leather, animal gut, harness, travel goods

$23,559

$8,827

-63%

0.5

15.7

49

Printed books, newspapers, pictures etc

$15,504

$8,575

-45%

1.00

2.6

64

Footwear, gaiters and the like, parts thereof

$15,217

$8,402

-45%

0.1

8.4

39

Plastics and articles thereof

$21,606

$7,733

-64%

0.00

6.9

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$9,975

$7,229

-28%

0.00

5.5



Russian exports to Hong Kong


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


▪ Pearls, precious stones, metals, coins, etc (59%)

▪ Inorganic chemicals, precious metal compound, isotopes (12%)

▪ Mineral fuels, oils, distillation products, etc (8%)

▪ Iron and steel (5%)

▪ Electrical, electronic equipment (4%)

▪ Products of animal origin, nes (3%)

▪ Meat, fish and seafood food preparations nes (2%)

▪ Machinery, nuclear reactors, boilers, etc (2%)

▪ Raw hides and skins (other than furskins) and leather (2%)

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


2015 showed a significant rise in Russian exports to Hong Kong of aluminium and articles thereof (+630%). At the same time the exports of electrical, electronic equipment (-78%) showed a significant fall (see Table 2).



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

Figure 3. Structure of Russian Exports to Hong Kong in 2015.png



Table 2. Key products exported from Russia to Hong Kong 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, %

71

Pearls, precious stones, metals, coins, etc

$687,914

$477,555

-31%

0.7

28

Inorganic chemicals, precious metal compound, isotopes

$229,515

$94,432

-59%

30.3

27

Mineral fuels, oils, distillation products, etc

$97,024

$61,006

-37%

0.6

72

Iron and steel

$15,771

$42,550

170%

0.7

85

Electrical, electronic equipment

$133,437

$29,536

-78%

0.1

05

Products of animal origin, nes

$23,930

$23,124

-3%

16.1

16

Meat, fish and seafood food preparations nes

$31,974

$19,211

-40%

2

84

Machinery, nuclear reactors, boilers, etc

$40,321

$14,278

-65%

0.1

41

Raw hides and skins (other than furskins) and leather

$9,433

$12,409

32%

0.3

48

Paper and paperboard, articles of pulp, paper and board

$13,929

$10,026

-28%

0.6

90

Optical, photo, technical, medical, etc apparatus

$8,215

$4,020

-51%

0.1

76

Aluminium and articles thereof

$401

$2,926

630%

0

38

Miscellaneous chemical products

$1,155

$2,748

138%

0.1

02

Meat and edible meat offal

$10,908

$2,694

-75%

0.2



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



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


Macroeconomic Indicator

Russia

Hong Kong

GDP in 2014, billion dollars

1,857.461

289.628

GDP in 2015, billion dollars

1,175.996

310.074

Inflation, average consumer prices, %

7.82

3.200

Volume of imported goods, billion dollars

282.6

547.5

Volume of exported goods, billion dollars

492.1

498.5

Unemployment rate, %

5.10

3.22

Population, millions

143.7

7.3


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