Date,
Time MSK

03.10.2016



Republic of Korea-Russian Bilateral Trade in 2015


In 2015 Republic of Korea-Russian bilateral trade volume decreased by 34% and reached 17.7 billion USD compared to 27.05 billion USD in 2014.


Republic of Korea exports to Russia fell to 4.53 billion USD (by 49%) while imports fell to 13.2 billion USD (by 27%) (see Figure 1).



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

igure 1. 2007-2015 Republic of Korea-Russian bilateral trade turnover, billion USD.png




Republic of Korea exports to Russia


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




In 2015 the imports of Republic of Korea made products in Russia experienced a significant fall. The imports of bodies, incl. cabs, for tractors fell by 74%; the imports of seats, whether or not convertible into beds, and parts thereof- by 63%.



Figure 2. Structure of Republic of Korea Exports to Russia in 2015, million USD. Source: ITC Trade Map.

Figure 2. Structure of Republic of Korea Exports to Russia in 2015, million USD.png




Table 1. Key products exported from Republic of Korea 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 Republic of Korea products

8708

Parts and accessories for tractors

$1,481,513

$705,826

-52%

13.1

2

8703

Motor cars and other motor vehicles principally designed for the transport of persons

$495,911

$268,290

-46%

4.1

17.8

8707

Bodies, incl. cabs, for tractors, motor vehicles for the transport of ten or more persons

$611,688

$159,276

-74%

14.8

39.2

7210

Flat-rolled products of iron or non-alloy steel, of a width >= 600 mm

$238,911

$128,644

-46%

13.3

3.9

8419

Machinery, plant or laboratory equipment whether or not electrically heated

$257,992

$111,882

-57%

4.4

0.2

8207

Tools, interchangeable, for hand tools

$55,074

$107,717

96%

18.7

4.7

8537

Boards, panels, consoles, desks, cabinets and other bases

$180,349

$101,766

-44%

9.7

0

3901

Polymers of ethylene, in primary forms

$164,645

$94,050

-43%

10.1

3.8

4011

New pneumatic tyres, of rubber

$241,254

$92,216

-62%

7.1

11.2

2710

Petroleum oils and oils obtained from bituminous minerals

$101,938

$87,824

-14%

8.2

4.9

8529

Parts suitable for use solely or principally with transmission and reception apparatus for radio-telephony

$176,175

$79,145

-55%

6.4

0.5

9401

Seats, whether or not convertible into beds, and parts thereof

$203,959

$76,262

-63%

10.6

10.6

3903

Polymers of styrene, in primary forms

$108,900

$68,338

-37%

33.1

4

8512

Electrical lighting or signalling equipment

$114,064

$58,702

-49%

16.7

3.9




Russian exports to Republic of Korea


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



2015 showed a significant rise in Russian exports to Republic of Korea of lignite, whether or not agglomerated (+81%). At the same time the exports of ferro-alloys (-54%) showed a significant fall (see Table 2).



Figure 3. Structure of Russian Exports to Republic of Korea in 2015, million USD. Source: ITC Trade Map.

Figure 3. Structure of Russian Exports to Republic of Korea in 2015.png



Table 2. Key products exported from Russia to Republic of Korea 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, %

2709

Petroleum oils and oils obtained from bituminous minerals, crude

$8,728,158

$5,346,652

-39%

12

2710

Petroleum oils and oils obtained from bituminous minerals (excluding crude)

$4,345,939

$2,973,174

-32%

29.8

2701

Coal

$1,241,349

$1,229,540

-1%

28.1

2711

Petroleum gas and other gaseous hydrocarbons

$672,112

$971,556

45%

12

303

Frozen fish

$591,093

$546,956

-7%

66.3

7601

Unwrought aluminium

$487,763

$517,680

6%

34.7

0306

Crustaceans

$382,126

$331,716

-13%

7

7204

Ferrous waste and scrap

$214,096

$178,044

-17%

20.4

1005

Maize or corn

$122,192

$151,117

24%

22.9

8906

Vessels, incl. warships and lifeboats

$69,882

$111,476

60%

11.9

2702

Lignite, whether or not agglomerated

$50,461

$91,172

81%

93.2

4703

Chemical wood pulp, soda or sulphate

$58,940

$81,151

38%

39.9

7202

Ferro-alloys

$160,018

$74,392

-54%

14.9

0304

Fish fillets and other fish meat, whether or not minced, fresh, chilled or frozen

$47,842

$73,649

54%

17.4



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




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


Macroeconomic Indicator

Russia

Republic of Korea

GDP in 2014, billion dollars

1,857.461

1,416.949

GDP in 2015, billion dollars

1,175.996

1,435.076

Inflation, average consumer prices, %

7.82

1.550

Volume of imported goods, billion dollars

282.6

436.5

Volume of exported goods, billion dollars

492.1

526.9

Unemployment rate, %

5.10

3.600

Population, millions

143.7

50.641


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