Date,
Time MSK

12.05.2016



Bulgarian-Russian Bilateral Trade in 2015


In 2015 Bulgarian-Russian bilateral trade volume decreased by 34% and reached 3.9 billion USD compared to 5.9 billion USD in 2014.


Bulgarian exports to Russia fell to 0.4 billion USD (by 37%) while imports fell to 3.5 billion USD (by 34%) (see Figure 1).



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

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



Bulgarian exports to Russia


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


▪ Pharmaceutical products (30%)

▪ Machinery, nuclear reactors, boilers, etc (23%)

▪ Electrical, electronic equipment (9%)

▪ Tobacco and manufactured tobacco substitutes (3%)

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

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

▪ Furniture, lighting, signs, prefabricated buildings (2%)

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

▪ Plastics and articles thereof (2%)

▪ Beverages, spirits and vinegar (2%)

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

▪ Articles of iron or steel (1%)

▪ Ores, slag and ash (1%)

▪ Miscellaneous articles of base metal (1%)


In 2015 the imports of Bulgarian made products in Russia experienced a significant rise . The imports of tobacco and manufactured tobacco substitutes rise by 122%; the imports of ores, slag and ash- by 110%.



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

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



Table 1. Key products exported from Bulgaria 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 Bulgarian products

30

Pharmaceutical products

$236,753

$131,641

-44%

1.3

5.5

84

Machinery, nuclear reactors, boilers, etc

$145,242

$98,933

-32%

0.3

1.9

85

Electrical, electronic equipment

$51,552

$41,318

-20%

0.1

3.4

24

Tobacco and manufactured tobacco substitutes

$5,662

$12,564

122%

1.5

13

27

Mineral fuels, oils, distillation products, etc

$14,577

$11,074

-24%

0.00

2.8

23

Residues, wastes of food industry, animal fodder

$9,359

$10,222

9%

0.1

4.9

94

Furniture, lighting, signs, prefabricated buildings

$12,119

$9,141

-25%

0.3

11.9

33

Essential oils, perfumes, cosmetics, toileteries

$12,420

$7,556

-39%

0.5

9.7

39

Plastics and articles thereof

$9,616

$7,366

-23%

0.1

7.2

22

Beverages, spirits and vinegar

$20,579

$7,329

-64%

0.8

27.7

48

Paper and paperboard, articles of pulp, paper and board

$3,675

$6,276

71%

0.00

9.3

73

Articles of iron or steel

$17,244

$6,246

-64%

0.1

9.3

26

Ores, slag and ash

$2,937

$6,175

110%

0.2

1.5

83

Miscellaneous articles of base metal

$7,792

$5,651

-27%

0.4

10.1



Russian exports to Bulgaria


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


▪ Mineral fuels, oils, distillation products, etc (90%)

▪ Aluminium and articles thereof (2%)

▪ Iron and steel (1%)

▪ Fertilizers (1%)

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

▪ Articles of iron or steel (1%)

▪ Ores, slag and ash (1%)

▪ Copper and articles thereof (1%)


2015 showed a significant rise in Russian exports to Bulgaria of copper and articles thereof (+2068%). At the same time the exports of articles of iron or steel (-93%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Bulgaria 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

$4,696,246

$3,166,723

-33%

67.7

76

Aluminium and articles thereof

$21,159

$71,354

237%

4.9

72

Iron and steel

$41,299

$47,493

15%

4.1

31

Fertilizers

$30,061

$26,212

-13%

9.5

84

Machinery, nuclear reactors, boilers, etc

$26,352

$23,629

-10%

0.8

73

Articles of iron or steel

$315,024

$22,632

-93%

26.2

26

Ores, slag and ash

$0

$21,080

-

0

74

Copper and articles thereof

$816

$17,692

2068%

0.1

48

Paper and paperboard, articles of pulp, paper and board

$22,624

$14,576

-36%

4.3

40

Rubber and articles thereof

$12,242

$13,582

11%

3.3

86

Railway, tramway locomotives, rolling stock, equipment

$3,137

$10,479

234%

3.3

78

Lead and articles thereof

$11,822

$9,217

-22%

18.5

29

Organic chemicals

$2,933

$6,775

131%

1

68

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

$5,462

$6,103

12%

5.8



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



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


Macroeconomic Indicator

Russia

Bulgaria

GDP in 2014, billion dollars

1,857.461

55.837

GDP in 2015, billion dollars

1,175.996

51.551

Inflation, average consumer prices, %

7.82

-1.028

Volume of imported goods, billion dollars

282.6

29.3

Volume of exported goods, billion dollars

492.1

25.7

Unemployment rate, %

5.10

10.92

Population, millions

143.7

7.16


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