Date,
Time MSK

06.06.2016



Venezuelan-Russian Bilateral Trade in 2015


In 2015 Venezuelan-Russian bilateral trade volume decreased by 15% and reached 338.9 million USD compared to 396.7 million USD in 2014.


Venezuelan exports to Russia fell to 2.0 million USD (by 38%) while imports fell to 336.9 million USD (by 14%) (see Figure 1).



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

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



Venezuelan exports to Russia


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




In 2015 the imports of Venezuelan made products in Russia experienced a significant fall. The imports of cocoa and cocoa preparations fell by 95%; the imports of beverages, spirits and vinegar- by 88%.



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

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



Table 1. Key products exported from Venezuela 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 Venezuelan products

29

Organic chemicals

$2,281

$1,891

-17%

0.10

3.4

22

Beverages, spirits and vinegar

$272

$33

-88%

0.00

27.7

18

Cocoa and cocoa preparations

$447

$21

-95%

0.00

5.8

12

Oil seed, oleagic fruits, grain, seed, fruit, etc, nes

$0

$14

-

0.00

1.2

99

Commodities not elsewhere specified

$0

$6

-

0.00


85

Electrical, electronic equipment

$22

$5

-77%

0.00

3.4

87

Vehicles other than railway, tramway

$18

$5

-72%

0.00

12.6

86

Railway, tramway locomotives, rolling stock, equipment

$0

$3

-

0.00

7.2

65

Headgear and parts thereof

$2

$3

50%

0.00

10.2

62

Articles of apparel, accessories, not knit or crochet

$0

$1

-

0.00

14.9




Russian exports to Venezuela


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



2015 showed a significant rise in Russian exports to Venezuela of furniture, lighting, signs, prefabricated buildings (+10200%). At the same time the exports of vehicles other than railway, tramway (-95%) showed a significant fall (see Table 2).



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

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



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

99

Commodities not elsewhere specified

$0

$181 048

-

33.7

85

Electrical, electronic equipment

$91 686

$75 296

-18%

3.5

31

Fertilizers

$112 013

$38 006

-66%

14

90

Optical, photo, technical, medical, etc apparatus

$10 973

$16 523

51%

2.4

84

Machinery, nuclear reactors, boilers, etc

$23 233

$15 427

-34%

0.4

87

Vehicles other than railway, tramway

$114 079

$5 176

-95%

0.3

27

Mineral fuels, oils, distillation products, etc

$11 848

$2 728

-77%

0.1

73

Articles of iron or steel

$1 530

$968

-37%

0.1

40

Rubber and articles thereof

$1 172

$864

-26%

0.3

39

Plastics and articles thereof

$470

$419

-11%

0.1

22

Beverages, spirits and vinegar

$274

$172

-37%

1

94

Furniture, lighting, signs, prefabricated buildings

$1

$103

10200%

0

29

Organic chemicals

$1 243

$76

-94%

0

48

Paper and paperboard, articles of pulp, paper and board

$99

$50

-49%

0



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



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


Macroeconomic Indicator

Russia

Venezuela

GDP in 2014, billion dollars

1,857.461

205.787

GDP in 2015, billion dollars

1,175.996

169.673

Inflation, average consumer prices, %

7.82

96.79

Volume of imported goods, billion dollars

282.6

44.9

Volume of exported goods, billion dollars

492.1

87.9

Unemployment rate, %

5.10

12.81

Population, millions

143.7

30.9


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