Date,
Time MSK

22.04.2016



Belgian-Russian Bilateral Trade in 2015


In 2015 Belgian-Russian bilateral trade volume decreased by 36% and reached 12.5 billion USD compared to 19.5 billion USD in 2014.


Belgian exports to Russia fell rose to 3.3 billion USD (by 40%) while imports fell to 9.2 billion USD (by 35%) (see Figure 1).



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

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



Belgian exports to Russia


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


▪ Pharmaceutical products (23%)

▪ Machinery, nuclear reactors, boilers, etc (12%)

▪ Plastics and articles thereof (10%)

▪ Vehicles other than railway, tramway (6%)

▪ Electrical, electronic equipment (4%)

▪ Optical, photo, technical, medical, etc apparatus (4%)

▪ Iron and steel (4%)

▪ Tobacco and manufactured tobacco substitutes (4%)

▪ Organic chemicals (3%)

▪ Miscellaneous chemical products (3%)

▪ Mineral fuels, oils, distillation products, etc (3%)

▪ Essential oils, perfumes, cosmetics, toileteries (3%)

▪ Soaps, lubricants, waxes, candles, modelling pastes (2%)

▪ Rubber and articles thereof (2%)


In 2015 the imports of Belgian made products in Russia experienced a significant fall. The imports of vehicles other than railway, tramway fell by 62%; the imports of soaps, lubricants, waxes, candles, modelling pastes- by 49%.



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

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



Table 1. Key products exported from Belgium 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 Belgian products

30

Pharmaceutical products

$1,255,592

$747,944

-40%

2.5

5.5

84

Machinery, nuclear reactors, boilers, etc

$668,111

$393,899

-41%

0.7

1.9

39

Plastics and articles thereof

$488,213

$312,786

-36%

3.6

7.2

87

Vehicles other than railway, tramway

$481,458

$183,278

-62%

1.20

12.6

85

Electrical, electronic equipment

$239,827

$145,445

-39%

0.5

3.4

90

Optical, photo, technical, medical, etc apparatus

$155,690

$133,441

-14%

0.4

2.8

72

Iron and steel

$188,085

$121,288

-36%

3.1

3.8

24

Tobacco and manufactured tobacco substitutes

$83,365

$116,552

40%

0.00

13

29

Organic chemicals

$169,331

$113,915

-33%

4.5

3.4

38

Miscellaneous chemical products

$152,932

$110,616

-28%

5.2

4.3

27

Mineral fuels, oils, distillation products, etc

$133,473

$110,536

-17%

2.9

2.8

33

Essential oils, perfumes, cosmetics, toileteries

$57,969

$104,336

80%

2.3

9.7

34

Soaps, lubricants, waxes, candles, modelling pastes

$111,549

$56,911

-49%

6.00

9.8

40

Rubber and articles thereof

$75,167

$55,013

-27%

0.7

7.1



Russian exports to Belgium


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


▪ Mineral fuels, oils, distillation products, etc (49%)

▪ Pearls, precious stones, metals, coins, etc (27%)

▪ Iron and steel (9%)

▪ Inorganic chemicals, precious metal compound, isotopes (4%)

▪ Fertilizers (2%)

▪ Aluminium and articles thereof (2%)

▪ Organic chemicals (1%)

▪ Salt, sulphur, earth, stone, plaster, lime and cement (1%)

▪ Oil seed, oleagic fruits, grain, seed, fruit, etc, nes (1%)

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


2015 showed a significant rise in Russian exports to Belgium of miscellaneous chemical products (+122%). At the same time the exports of mineral fuels, oils, distillation products (-43%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Belgium 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

$7,864,123

$4,498,770

-43%

10.6

71

Pearls, precious stones, metals, coins, etc

$3,590,058

$2,505,214

-30%

16.8

72

Iron and steel

$1,073,056

$806,147

-25%

9

28

Inorganic chemicals, precious metal compound, isotopes

$490,876

$399,511

-19%

14

31

Fertilizers

$131,907

$187,426

42%

9.3

76

Aluminium and articles thereof

$172,444

$139,022

-19%

5

29

Organic chemicals

$135,137

$130,700

-3%

0.4

25

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

$127,104

$116,324

-8%

8.5

12

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

$103,963

$116,188

12%

4.6

44

Wood and articles of wood, wood charcoal

$61,126

$62,957

3%

1.9

39

Plastics and articles thereof

$31,524

$41,665

32%

0.2

38

Miscellaneous chemical products

$11,883

$26,326

122%

0.2

48

Paper and paperboard, articles of pulp, paper and board

$18,905

$22,897

21%

0.3

81

Other base metals, cermets, articles thereof

$18,993

$21,664

14%

6.7



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



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


Macroeconomic Indicator

Russia

Belgium

GDP in 2014, billion dollars

1,857.461

534.672

GDP in 2015, billion dollars

1,175.996

463.799

Inflation, average consumer prices, %

7.82

0.058

Volume of imported goods, billion dollars

282.6

375.8

Volume of exported goods, billion dollars

492.1

398.9

Unemployment rate, %

5.10

8.40

Population, millions

143.7

11.2


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