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9 May, 2022 10:28

Russian trade with China surging

Year-on-year trade is up more than 25% as sanctions pressure on Moscow mounts
Russian trade with China surging

Mutual trade between Russia and China amounted to nearly $51.09 billion (343.87 billion yuan) in the first four months of the current year, marking growth of 25.9% compared to the same period one year ago, according to the latest data released by China’s customs office.

China’s exports to Russia grew 11.3% to $20.24 billion, while Russia’s sales to China surged 37.8% to $30.85 billion. Bilateral trade turnover in April rose 8.7% against March to $12.69 billion.

Oil, natural gas, and coal account for nearly 70% in the value of goods imported by China from Russia. Russia also exports copper and copper ore, lumber, fuel, and seafood.
China exports a wide range of products to Russia, including smartphones, industrial and special-purpose equipment, toys, footwear, motor vehicles, air conditioners, and computers.

In 2020, trade turnover between Russia and China declined by 2.9% to $107.76 billion due to the Covid-19 pandemic. Last year, mutual trade between the nations hit a record high of $146.88 billion, surging 35.8%.

In December, the Russian and Chinese presidents agreed on creating infrastructure to service trade operations between the two nations without third parties. The two countries have been switching from the US dollar and the euro in trade to avoid potential sanctions.

Beijing has refused to take part in the sanctions on Moscow over the conflict in Ukraine.

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