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10 Jan, 2019 12:21

Russia-China trade turnover hits record $100 billion

Russia-China trade turnover hits record $100 billion

The volume of mutual trade between Russia and China finally reached $100 billion for the first time ever, according to Gao Feng, the Chinese commerce ministry's spokesman.

The official said that the trade turnover hit the all-time high in the middle of December, 2018. Feng added that Russia was China’s major partner when it comes to trade growth dynamics.

Russia is reportedly ranked as China’s tenth biggest trade partner, while China remains a major importer of Russian produce, accounting for 15 percent of the country’s international trade as of 2017. Feng highlighted that Beijing was ready to expend efforts to strengthen the ties between the states.

According to the latest data by China's customs administration, trade turnover between the neighboring states grew 27.8 percent from January through November 2018 compared to the same period in the previous year, and totaled $97.23 billion. Exports of Chinese goods to Russia increased 12 percent and amounted to $43.45 billion, while Russia’s sales to China surged 44.3 percent to $53.78 billion.

In November, Chief Executive of the Russian Export Center Andrey Slepnev said that the projected figure of $100 billion worth of mutual Russia-China trade could double in the years ahead. The partners are promoting settlements in ruble and yuan in an attempt to bypass the US dollar and other Western currencies due to numerous anti-Russian sanctions and persisting trade pressure placed on Beijing by Washington.

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