Sino-Russian trade rose 29% in January-July as nations maintain cooperation against Western sanctions

China Russia Photo: VCG

China’s trade with Russia in the first seven months of 2022 grew 29% year-on-year to $97.71 billion, accelerating 1.8 percentage points from the first half of the year. year, as the two countries maintain normal cooperation despite Western sanctions led by the United States.

Experts expect Sino-Russian trade to top last year’s levels as Russia accelerates the shift of its economic pivot to Asia amid escalating sanctions from the West and as both sides aim to expand their economic and trade cooperation in the spirit of mutual benefit.

According to data released by the General Administration of China Customs on Sunday, bilateral trade between China and Russia amounted to 97.71 billion U.S. dollars in the first seven months, up 29 percent year on year. The growth rate accelerated from 27.2% in the first half of the year.

Statistics show that in July, the trade volume between China and Russia amounted to 16.79 billion dollars. Among them, Chinese exports to Russia amounted to $6.77 billion, while Chinese imports from Russia amounted to $10.01 billion, both increasing since June.

China’s exports to Russia rose 5.2 percent to $36.27 billion from 2.1 percent in the January-June period. Chinese imports from Russia rose 48.8 percent from a year earlier to $61.44 billion in the first seven months.

The growth of Sino-Russian trade is the result of strong economic complementarity between the two countries, Song Kui, president of the Research Institute of Contemporary Sino-Russian Regional Economy, told the Global Times on Sunday, adding that the West’s escalating sanctions also pushed Russia to expand its exports to China.

“Foreign trade between China and Russia this year is expected to exceed the level of 2021, when bilateral trade stood at $146.87 billion, a record high,” Song said.

China’s imports of mineral fuels, petroleum and asphalt products from Russia hit 247 billion yuan ($36.53 billion) in the first six months, while China’s exports of mechanical and electrical products to Russia reached 77 billion yuan, according to customs data.

Besides energy cooperation, in recent years, China-Russia trade has expanded to food and agriculture, new energy vehicles and other fields, Song said.

“The continuation of local currency settlements in trade between China and Russia also provides more convenience for traders between the two countries to stabilize foreign trade and avoid US dollar hegemony,” Song said.

Wang Wentao, Chinese Commerce Minister, said in a virtual meeting with Russian Economic Development Minister Maxim Reshetnikov that since the start of the year, China-Russia trade has maintained strong growth momentum.

Both sides should continue to consolidate trade in key commodities while tapping into new growth areas such as digital economy, green development, cross-border e-commerce and trade in services, and push for steady growth. China-Russia economic and trade cooperation, Wang said. said.

world times

Leave a Comment

Your email address will not be published.