Date,
Time MSK

12.05.2016



Serbian-Russian Bilateral Trade in 2015


In 2015 Serbian-Russian bilateral trade volume decreased by 27% and reached 2.5 billion USD compared to 3.4 billion USD in 2014.


Serbian exports to Russia fell to 0.72 billion USD (by 30%) while imports fell to 1.7 billion USD (by 26%) (see Figure 1).



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

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



Serbian exports to Russia


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


▪ Edible fruit, nuts, peel of citrus fruit, melons (23%)

▪ Machinery, nuclear reactors, boilers, etc (13%)

▪ Articles of apparel, accessories, knit or crochet (10%)

▪ Pharmaceutical products (7%)

▪ Plastics and articles thereof (4%)

▪ Electrical, electronic equipment (4%)

▪ Aluminium and articles thereof (4%)

▪ Meat and edible meat offal (4%)

▪ Rubber and articles thereof (4%)

▪ Dairy products, eggs, honey, edible animal product nes (3%)

▪ Copper and articles thereof (3%)

▪ Wood and articles of wood, wood charcoal (3%)

▪ Edible vegetables and certain roots and tubers (2%)

▪ Articles of iron or steel (2%)



In 2015 the imports of Serbian made products in Russia experienced a significant fall. The imports of meat and edible meat offal fell by 57%; the imports of wood and articles of wood, wood charcoal- by 51%.



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

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



Table 1. Key products exported from Serbia 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 Serbian products

08

Edible fruit, nuts, peel of citrus fruit, melons

$151,323

$167,105

10%

3.4

0

84

Machinery, nuclear reactors, boilers, etc

$140,674

$93,489

-34%

0.2

0

61

Articles of apparel, accessories, knit or crochet

$107,346

$70,512

-34%

3.10

0

30

Pharmaceutical products

$56,494

$53,917

-5%

0.4

0

39

Plastics and articles thereof

$59,665

$29,770

-50%

0.6

0

85

Electrical, electronic equipment

$61,735

$27,755

-55%

0.20

0

76

Aluminium and articles thereof

$42,580

$26,152

-39%

2.7

0

02

Meat and edible meat offal

$58,986

$25,373

-57%

1.00

7.7

40

Rubber and articles thereof

$38,050

$25,338

-33%

0.9

0.1

04

Dairy products, eggs, honey, edible animal product nes

$28,754

$24,958

-13%

0.8

1.4

74

Copper and articles thereof

$41,650

$22,948

-45%

4.5

0

44

Wood and articles of wood, wood charcoal

$42,379

$20,721

-51%

3.3

0

07

Edible vegetables and certain roots and tubers

$14,505

$16,846

16%

0.5

0

73

Articles of iron or steel

$23,598

$12,970

-45%

0.3

0



Russian exports to Serbia


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


▪ Mineral fuels, oils, distillation products, etc (73%)

▪ Fertilizers (5%)

▪ Copper and articles thereof (3%)

▪ Aluminium and articles thereof (3%)

▪ Commodities not elsewhere specified (2%)

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

▪ Rubber and articles thereof (2%)

▪ Tobacco and manufactured tobacco substitutes (2%)

▪ Ores, slag and ash (2%)

▪ Plastics and articles thereof (1%)

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



2015 showed a significant rise in Russian exports to Serbia of commodities not elsewhere specified (+21%). At the same time the exports of machinery, nuclear reactors, boilers, etc (-75%) showed a significant fall (see Table 2).



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

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



Table 2. Key products exported from Russia to Serbia 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

$1,778,223

$1,276,068

-28%

61.4

31

Fertilizers

$108,827

$93,777

-14%

51.4

74

Copper and articles thereof

$83,658

$59,520

-29%

36.8

76

Aluminium and articles thereof

$58,334

$52,089

-11%

14.6

99

Commodities not elsewhere specified

$29,331

$35,434

21%

1.3

28

Inorganic chemicals, precious metal compound, isotopes

$45,716

$33,141

-28%

39.6

40

Rubber and articles thereof

$29,118

$29,921

3%

10.5

24

Tobacco and manufactured tobacco substitutes

$38,152

$29,402

-23%

32.8

26

Ores, slag and ash

$26,668

$27,762

4%

24.6

39

Plastics and articles thereof

$20,153

$23,873

18%

1.7

48

Paper and paperboard, articles of pulp, paper and board

$15,029

$17,574

17%

2.3

87

Vehicles other than railway, tramway

$11,941

$5,421

-55%

0.5

84

Machinery, nuclear reactors, boilers, etc

$20,419

$5,189

-75%

1.3

72

Iron and steel

$5,581

$4,671

-16%

1


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



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


Macroeconomic Indicator

Russia

Serbia

GDP in 2014, billion dollars

1,857.461

43.866

GDP in 2015, billion dollars

1,175.996

40.665

Inflation, average consumer prices, %

7.82

2.729

Volume of imported goods, billion dollars

282.6

18.1

Volume of exported goods, billion dollars

492.1

13.3

Unemployment rate, %

5.10

20.742

Population, millions

143.7

7.164


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