Date,
Time MSK

04.05.2016



Montenegro-Russian Bilateral Trade in 2015


In 2015 Montenegro-Russian bilateral trade volume decreased by 19% and reached 7.8 million USD compared to 9.6 million USD in 2014.


Montenegro exports to Russia fell to 2.9 million USD (by 45%) while imports rose to 4.8 million USD (by 14%) (see Figure 1).



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

Figure 1. 2007-2015 Montenegro-Russian bilateral trade turnover, million USD.png



Montenegro exports to Russia


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


▪ Beverages, spirits and vinegar (64%)

▪ Stone, plaster, cement, asbestos, mica, etc articles (16%)

▪ Edible vegetables and certain roots and tubers (9%)

▪ Vehicles other than railway, tramway (4%)

▪ Aluminium and articles thereof (2%)

▪ Electrical, electronic equipment (2%)

▪ Toys, games, sports requisites (1%)

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


In 2015 the imports of Montenegro made products in Russia experienced a significant rise . The imports of electrical, electronic equipment rise by 1200%; the imports of edible vegetables and certain roots and tubers- by 419%.



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

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



Table 1. Key products exported from Montenegro 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 Montenegro products

22

Beverages, spirits and vinegar

$3,607

$1,878

-48%

0.1

27.7

68

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

$1,038

$473

-54%

0.1

9.1

07

Edible vegetables and certain roots and tubers

$53

$275

419%

0.00

9.3

87

Vehicles other than railway, tramway

$0

$125

-

0.00

12.7

76

Aluminium and articles thereof

$64

$65

2%

0.00

5.6

85

Electrical, electronic equipment

$4

$52

1200%

0.00

3.4

95

Toys, games, sports requisites

$0

$29

-

0.00

3.4

44

Wood and articles of wood, wood charcoal

$272

$17

-94%

0.00

10.9

94

Furniture, lighting, signs, prefabricated buildings

$76

$8

-89%

0.00

11.8



Russian exports to Montenegro


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


▪ Nickel and articles thereof (15%)

▪ Iron and steel (10%)

▪ Wood and articles of wood, wood charcoal (9%)

▪ Rubber and articles thereof (7%)

▪ Edible vegetables and certain roots and tubers (6%)

▪ Electrical, electronic equipment (6%)

▪ Machinery, nuclear reactors, boilers, etc (5%)

▪ Fertilizers (5%)

▪ Tobacco and manufactured tobacco substitutes (5%)

▪ Mineral fuels, oils, distillation products, etc (4%)

▪ Ceramic products (3%)

▪ Vehicles other than railway, tramway (3%)

▪ Optical, photo, technical, medical, etc apparatus (2%)

▪ Miscellaneous edible preparations (2%)


2015 showed a significant rise in Russian exports to Montenegro of nickel and articles thereof (+1410%). At the same time the exports of machinery, nuclear reactors, boilers (-68%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Montenegro 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, %

75

Nickel and articles thereof

$48

$725

1410%

15.5

72

Iron and steel

$95

$493

419%

0.2

44

Wood and articles of wood, wood charcoal

$214

$422

97%

0.7

40

Rubber and articles thereof

$295

$357

21%

1.6

07

Edible vegetables and certain roots and tubers

$160

$284

78%

0.9

85

Electrical, electronic equipment

$223

$270

21%

0.2

84

Machinery, nuclear reactors, boilers, etc

$773

$250

-68%

0.5

31

Fertilizers

$423

$249

-41%

13.1

24

Tobacco and manufactured tobacco substitutes

$426

$238

-44%

2.7

27

Mineral fuels, oils, distillation products, etc

$172

$200

16%

0.1

69

Ceramic products

$67

$121

81%

0.2

87

Vehicles other than railway, tramway

$163

$121

-26%

0.1

90

Optical, photo, technical, medical, etc apparatus

$62

$112

81%

0.2

21

Miscellaneous edible preparations

$12

$112

833%

0



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




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


Macroeconomic Indicator

Russia

Montenegro

GDP in 2014, billion dollars

1,857.461

4.462

GDP in 2015, billion dollars

1,175.996

4.239

Inflation, average consumer prices, %

7.82

0.506

Volume of imported goods, billion dollars

282.6

2.0

Volume of exported goods, billion dollars

492.1

0.4

Population, millions

143.7

0.625


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