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7 Nov, 2018 07:09

Russia-China trade turnover to hit $100 billion in 2018

Russia-China trade turnover to hit $100 billion in 2018

The volume of mutual trade between Russia and China may reach $100 billion by the end of 2018 with the figure expected to double in the years ahead, according to Andrey Slepnev, Chief Executive of the Russian Export Center.

“Russia’s exports to China totaled $26 billion in the first half of the current year, marking a 43 percent growth compared to the same period a year ago,” the official said, stressing that the institution expects the figure to increase up to $54 billion at year-end.

According to Slepnev, the partners have managed to boost trade of such goods as wood, metal and chemicals. The volume of agricultural products in the mutual trade reportedly went up one-and-a-half times.

Chinese consumers are reportedly interested in purchasing Russian natural cosmetics and children’s products.

“We are currently developing a number of energy and high-technology projects. A joint enterprise on heavy helicopters is negotiated,” he said. “Cooperation in space and energy sectors is being developed.”

Earlier this year, Russian President Vladimir Putin said the trade turnover with the country’s Eastern neighbor may reach $100 billion. China is currently Russia’s largest trading partner, accounting for 15 percent of Russian international trade last year.

Bilateral trade between the two countries grew by 31.5 percent, reaching $87 billion in 2017. The partners are promoting settlements in ruble and yuan, bypassing the US dollar and other Western currencies amid numerous anti-Russian sanctions, as well as trade pressure placed on Beijing by Washington.

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