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25 Oct, 2022 05:43

Russia-China trade on the rise

The two nations have significantly strengthened economic cooperation this year, official data shows
Russia-China trade on the rise

The volume of trade between Russia and China has continued to grow, hitting $136 billion in the first nine months of this year, the National Bureau of Statistics of China reported on Monday.

According to their data, bilateral economic cooperation surged by 32.5% year-on-year during the period. Chinese exports to Russia were up 10.3% in January-September, to $52.24 billion, while imports of Russian goods and services soared by 51.6% to $83.84 billion.

The report indicated that crude oil, natural gas, and coal accounted for about 70% in the value of Russian exports to China. Other key items included copper and copper ore, lumber, fuel, and seafood. As for Chinese exports to Russia, a significant share was taken by smartphones, industrial and specialized equipment, toys, footwear, vehicles, air conditioners, and computers.

Last month, Russian President Vladimir Putin hailed the strong economic ties between the two countries, pointing out that in 2021, Russia-China trade turnover reached a record-breaking $146 billion.

In August, Beijing’s ambassador to Moscow expressed hope that bilateral trade could reach the $200 billion target this year. He noted that economic cooperation between the two nations shows excellent results and sustainable development, despite the challenges associated with the Covid-19 pandemic, the global economic downturn, and difficult international and regional situations.

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