Date,
Time MSK

04.05.2016




English-Russian Bilateral Trade in 2015


In 2015 English-Russian bilateral trade volume decreased by 39% and reached 10.2 billion USD compared to 16.8 billion USD in 2014.


English exports to Russia fell to 3.7 billion USD (by 45%) while imports fell to 6.5 billion USD (by 35%) (see Figure 1).



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

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



English exports to Russia


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


▪ Vehicles other than railway, tramway (28%)

▪ Machinery, nuclear reactors, boilers, etc (16%)

▪ Pharmaceutical products (13%)

▪ Electrical, electronic equipment (6%)

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

▪ Aircraft, spacecraft, and parts thereof (4%)

▪ Plastics and articles thereof (3%)

▪ Essential oils, perfumes, cosmetics, toileteries (2%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (2%)

▪ Miscellaneous chemical products (2%)

▪ Articles of apparel, accessories, not knit or crochet (2%)

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

▪ Soaps, lubricants, waxes, candles, modelling pastes (1%)

▪ Works of art, collectors pieces and antiques (1%)



In 2015 the imports of English made products in Russia experienced a significant fall. The imports of works of art, collectors pieces and antiques fell by 71%; the imports of articles of apparel, accessories, not knit or crochet- by 65%.



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

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



Table 1. Key products exported from England 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 England products

87

Vehicles other than railway, tramway

$2,459,857

$1,021,547

-58%

6.3

12.6

84

Machinery, nuclear reactors, boilers, etc

$930,788

$603,439

-35%

2.00

1.9

30

Pharmaceutical products

$366,269

$486,367

33%

3.8

5.5

85

Electrical, electronic equipment

$438,860

$220,722

-50%

5.00

3.4

90

Optical, photo, technical, medical, etc apparatus

$229,382

$158,937

-31%

3.6

2.8

88

Aircraft, spacecraft, and parts thereof

$247,424

$132,799

-46%

0.00

7.9

39

Plastics and articles thereof

$159,085

$96,891

-39%

2.00

7.2

33

Essential oils, perfumes, cosmetics, toileteries

$157,688

$79,716

-49%

5.5

9.7

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$98,819

$65,603

-34%

4.6

3.7

38

Miscellaneous chemical products

$97,342

$63,307

-35%

4.9

4.3

62

Articles of apparel, accessories, not knit or crochet

$170,436

$59,065

-65%

0.1

14.9

48

Paper and paperboard, articles of pulp, paper and board

$63,971

$51,830

-19%

4.8

9.3

34

Soaps, lubricants, waxes, candles, modelling pastes

$68,653

$49,174

-28%

4.1

9.8

97

Works of art, collectors pieces and antiques

$162,178

$46,478

-71%

0.4

0



Russian exports to England


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


▪ Mineral fuels, oils, distillation products, etc (78%)

▪ Pearls, precious stones, metals, coins, etc (3%)

▪ Wood and articles of wood, wood charcoal (2%)

▪ Iron and steel (2%)

▪ Ores, slag and ash (2%)

▪ Fertilizers (2%)

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

▪ Fish, crustaceans, molluscs, aquatic invertebrates nes (1%)

▪ Other base metals, cermets, articles thereof (1%)

▪ Aircraft, spacecraft, and parts thereof (1%)

▪ Beverages, spirits and vinegar (1%)

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

▪ Residues, wastes of food industry, animal fodder (1%)

▪ Inorganic chemicals, precious metal compound, isotopes (1%)


2015 showed a significant rise in Russian exports to England of machinery, nuclear reactors, boilers (+121%). At the same time the exports of pearls, precious stones, metals, coins (-71%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to England 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

$7,651,991

$5,128,528

-33%

9.4

71

Pearls, precious stones, metals, coins, etc

$565,760

$166,293

-71%

1.6

44

Wood and articles of wood, wood charcoal

$141,307

$136,135

-4%

2

72

Iron and steel

$177,919

$128,717

-28%

2.5

26

Ores, slag and ash

$204,993

$104,014

-49%

6.3

31

Fertilizers

$111,516

$103,343

-7%

8.2

84

Machinery, nuclear reactors, boilers, etc

$42,920

$94,808

121%

0.1

03

Fish, crustaceans, molluscs, aquatic invertebrates nes

$76,786

$93,222

21%

2.6

81

Other base metals, cermets, articles thereof

$37,193

$77,046

107%

3.4

88

Aircraft, spacecraft, and parts thereof

$76,912

$71,658

-7%

0.5

22

Beverages, spirits and vinegar

$55,948

$59,897

7%

0.6

48

Paper and paperboard, articles of pulp, paper and board

$34,218

$43,782

28%

0.3

23

Residues, wastes of food industry, animal fodder

$39,719

$41,138

4%

1.2

28

Inorganic chemicals, precious metal compound, isotopes

$34,729

$37,153

7%

1.2



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



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


Macroeconomic Indicator

Russia

England

GDP in 2014, billion dollars

1,857.461

2,945.146

Estimated GDP in 2015, billion dollars

1,175.996

2,853.357

Inflation, average consumer prices, %

7.82

0.125

Volume of imported goods, billion dollars

282.6

625.7

Volume of exported goods, billion dollars

492.1

460.1

Unemployment rate, %

5.10

5.38

Population, millions

143.7

64.9


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