Date,
Time MSK

28.04.2016



Hungarian-Russian Bilateral Trade in 2015


In 2015 Hungarian-Russian bilateral trade volume decreased by 48% and reached 5.3 billion USD compared to 10.1 billion USD in 2014.


Hungarian exports to Russia fell to 1.7 billion USD (by 41%) while imports fell to 3.6 billion USD (by 50%) (see Figure 1).



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

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


Hungarian exports to Russia


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


▪ Pharmaceutical products (26%)

▪ Electrical, electronic equipment (18%)

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

▪ Miscellaneous manufactured articles (8%)

▪ Organic chemicals (4%)

▪ Plastics and articles thereof (3%)

▪ Vehicles other than railway, tramway (3%)

▪ Cereals (3%)

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

▪ Residues, wastes of food industry, animal fodder (2%)

▪ Paper and paperboard, articles of pulp, paper and board (2%)

▪ Miscellaneous chemical products (1%)

▪ Vegetable, fruit, nut, etc food preparations (1%)

▪ Live animals (1%)



In 2015 the imports of Hungarian made products in Russia experienced a significant rise . The imports of paper and paperboard, articles of pulp, paper and board rise by 354%; the imports of live animals- by 101%.



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

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



Table 1. Key products exported from Hungary 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 Hungarian products

30

Pharmaceutical products

$582,735

$421,664

-28%

4.1

5.5

85

Electrical, electronic equipment

$603,161

$291,664

-52%

1.2

3.4

84

Machinery, nuclear reactors, boilers, etc

$379,046

$195,566

-48%

0.9

1.9

96

Miscellaneous manufactured articles

$156,071

$128,972

-17%

0.5

10.6

29

Organic chemicals

$52,773

$57,855

10%

1.7

3.4

39

Plastics and articles thereof

$93,436

$54,628

-42%

0.9

7.2

87

Vehicles other than railway, tramway

$290,377

$54,568

-81%

1.00

12.6

10

Cereals

$68,177

$49,039

-28%

11.4

3.6

56

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

$50,753

$37,865

-25%

7.9

6

23

Residues, wastes of food industry, animal fodder

$60,558

$34,767

-43%

4.3

4.9

48

Paper and paperboard, articles of pulp, paper and board

$6,831

$31,033

354%

3.4

9.3

38

Miscellaneous chemical products

$23,786

$24,529

3%

0.6

4.3

20

Vegetable, fruit, nut, etc food preparations

$39,882

$24,385

-39%

2.7

10.8

01

Live animals

$11,942

$24,019

101%

2.6

3.5




Russian exports to Hungary


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


▪ Mineral fuels, oils, distillation products, etc (83%)

▪ Rubber and articles thereof (4%)

▪ Machinery, nuclear reactors, boilers, etc (3%)

▪ Organic chemicals (3%)

▪ Aluminium and articles thereof (2%)

▪ Inorganic chemicals, precious metal compound, isotopes (2%)

▪ Fertilizers (1%)

▪ Iron and steel (1%)



2015 showed a significant rise in Russian exports to Hungary of vehicles other than railway, tramway (+1355%). At the same time the exports of ores, slag and ash (-63%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Hungary 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

$6,525,380

$3,026,338

-54%

52.5

40

Rubber and articles thereof

$173,454

$133,217

-23%

8.8

84

Machinery, nuclear reactors, boilers, etc

$81,607

$107,717

32%

0.5

29

Organic chemicals

$135,235

$93,202

-31%

8.8

76

Aluminium and articles thereof

$111,872

$80,314

-28%

6.5

28

Inorganic chemicals, precious metal compound, isotopes

$107,107

$66,162

-38%

22.2

31

Fertilizers

$70,372

$40,365

-43%

16.7

72

Iron and steel

$15,020

$36,776

145%

0.7

26

Ores, slag and ash

$33,795

$12,356

-63%

28.3

44

Wood and articles of wood, wood charcoal

$9,397

$9,630

2%

1.8

85

Electrical, electronic equipment

$8,248

$6,509

-21%

0

90

Optical, photo, technical, medical, etc apparatus

$550

$6,389

1062%

0

87

Vehicles other than railway, tramway

$198

$2,880

1355%

0

68

Stone, plaster, cement, asbestos, mica, etc articles

$1,251

$1,977

58%

0.4



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



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


Macroeconomic Indicator

Russia

Hungary

GDP in 2014, billion dollars

1,857.461

137.104

GDP in 2015, billion dollars

1,175.996

126.691

Inflation, average consumer prices, %

7.82

0.00

Volume of imported goods, billion dollars

282.6

92.6

Volume of exported goods, billion dollars

492.1

98.7

Unemployment rate, %

5.10

7.58

Population, millions

143.7

9.8


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