China Ups Russian Imports Exports Level Preserve – Kommersant

  • 09-Sep-2022
  • China Ups Russian Imports Exports Level Preserve – Kommersant

China Ups Russian Imports Exports Level Preserve - According to the Kommersant business daily report, China has ramped up imports of Russian energy and raw materials this year without doing the same for tech exports.

China imported $72.9 billion worth of goods from Russia between January and August, a 50% expansion from the same duration last year.

Its exports to Russia increased by just 8.5% to $44.2 billion over the same period. As an outcome, Russia’s trade surplus with China has quadrupled from $7.3 billion to $28.7 billion, according to Kommersant.

Also, China’s import structure is “one of the least diversified of all Russia’s trade partners,” the paper reported, citing Russia’s state-run Roscongress Foundation.

Oil, gas, and coal account for 78% of Russia’s exports to China and “are steadily growing,” cited Roscongress’ report as stating. Energy, mineral, and agricultural products create up the bulk of Chinese imports from Russia.

According to the cited customs data, Russia occupies a 2.75% share of China’s absolute trade turnover. While the share of Russian exports to China grew to 4% this year, the share of Russian imports dropped to 1.9%.

Beijing has preserved friendly ties with Moscow in the face of unprecedented sanctions over the invasion of Ukraine as Russia found itself cut off from Western imports.

Further, China has been Russia’s biggest trading partner for more than a decade and became its largest export destination after Western governments imposed sanctions on Moscow following its annexation of Crimea in 2014.

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