Date,
Time MSK

04.05.2016



Greek-Russian Bilateral Trade in 2015


In 2015 Greek-Russian bilateral trade volume decreased by 41% and reached 4.01 billion USD compared to 6.9 billion USD in 2014.


Greek exports to Russia fell to 0.2 billion USD (by 50%) while imports fell to 3.8 billion USD (by 41%) (see Figure 1).



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

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



Greek exports to Russia


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


▪ Furskins and artificial fur, manufactures thereof (22%)

▪ Tobacco and manufactured tobacco substitutes (9%)

▪ Machinery, nuclear reactors, boilers, etc (8%)

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

▪ Vegetable, fruit, nut, etc food preparations (7%)

▪ Aluminium and articles thereof (7%)

▪ Plastics and articles thereof (5%)

▪ Ships, boats and other floating structures (5%)

▪ Tanning, dyeing extracts, tannins, derivs,pigments etc (5%)

▪ Copper and articles thereof (3%)

▪ Electrical, electronic equipment (3%)

▪ Miscellaneous chemical products (3%)

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

▪ Animal,vegetable fats and oils, cleavage products, etc (2%)


In 2015 the imports of Greek made products in Russia experienced a significant fall. The imports of electrical, electronic equipment fell by 77%; the imports of machinery, nuclear reactors, boilers, etc- by 61%.



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

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



Table 1. Key products exported from Greece 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 Greek products

43

Furskins and artificial fur, manufactures thereof

$100,993

$53,216

-47%

7.1

6.1

24

Tobacco and manufactured tobacco substitutes

$13,571

$20,612

52%

2.1

13

84

Machinery, nuclear reactors, boilers, etc

$49,758

$19,190

-61%

0.10

1.9

27

Mineral fuels, oils, distillation products, etc

$20,233

$18,022

-11%

0.00

2.8

20

Vegetable, fruit, nut, etc food preparations

$29,567

$16,128

-45%

2.00

10.8

76

Aluminium and articles thereof

$18,753

$16,055

-14%

1.2

5.6

39

Plastics and articles thereof

$15,124

$12,464

-18%

0.2

7.2

89

Ships, boats and other floating structures

$972

$12,116

1147%

0.7

7.4

32

Tanning, dyeing extracts, tannins, derivs,pigments etc

$22,800

$12,103

-47%

0.6

3.7

74

Copper and articles thereof

$5,423

$6,320

17%

0.6

3

85

Electrical, electronic equipment

$27,574

$6,285

-77%

0.1

3.4

38

Miscellaneous chemical products

$6,056

$6,220

3%

0.3

4.3

33

Essential oils, perfumes, cosmetics, toileteries

$3,406

$4,755

40%

0.2

9.7

15

Animal,vegetable fats and oils, cleavage products, etc

$9,612

$4,460

-54%

0.9

8.9



Russian exports to Greece


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


▪ Mineral fuels, oils, distillation products, etc (87%)

▪ Aluminium and articles thereof (7%)

▪ Cereals (2%)

▪ Copper and articles thereof (1%)

▪ Fertilizers (1%)

▪ Iron and steel (1%)


2015 showed a significant rise in Russian exports to Greece of copper and articles thereof (+868%). At the same time the exports of plastics and articles thereof (-55%) showed a significant fall (see Table 2).


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

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



Table 2. Key products exported from Russia to Greece 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

$5,971,334

$3,309,189

-45%

28

76

Aluminium and articles thereof

$274,476

$271,394

-1%

30.2

10

Cereals

$59,195

$67,460

14%

15.1

74

Copper and articles thereof

$4,152

$40,210

868%

0.6

31

Fertilizers

$23,401

$21,199

-9%

6.9

72

Iron and steel

$2,895

$19,490

573%

0.3

48

Paper and paperboard, articles of pulp, paper and board

$16,331

$14,455

-11%

1.5

43

Furskins and artificial fur, manufactures thereof

$16,950

$11,586

-32%

5.6

44

Wood and articles of wood, wood charcoal

$11,404

$10,802

-5%

3.2

28

Inorganic chemicals, precious metal compound, isotopes

$10,741

$10,585

-1%

5.6

40

Rubber and articles thereof

$4,345

$7,137

64%

1

14

Vegetable plaiting materials, vegetable products nes

$4,371

$5,629

29%

60.3

23

Residues, wastes of food industry, animal fodder

$1,746

$5,206

198%

0.3

39

Plastics and articles thereof

$10,784

$4,808

-55%

0.5


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



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


Macroeconomic Indicator

Russia

Greece

GDP in 2014, billion dollars

1,857.461

238.023

GDP in 2015, billion dollars

1,175.996

207.148

Inflation, average consumer prices, %

7.82

-0.3

Volume of imported goods, billion dollars

282.6

47.2

Volume of exported goods, billion dollars

492.1

28.2

Unemployment rate, %

5.10

24.79

Population, millions

143.7

10.9


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