In 2022, the world’s second largest economy had a $38 billion trade deficit with Russia.
China’s trade deficit with Russia hit a record high in 2022 as world energy prices rose after the outbreak of war in Ukraine. Bloomberg reported this.
According to China’s General Administration of Customs, in 2022 the world’s second largest economy will have a trade deficit with Russia of $38 billion. China bought $114.1 billion worth of goods from Russia, up 44% from last year. Exports to Russia rose about 13% to $76.1 billion. This resulted in a trade imbalance that more than tripled last year. By comparison, China’s total imports from the rest of the world grew by just 1.1% over the year.
As the agency notes, China has become one of several major buyers, along with India and Turkey, of Russian crude oil after the G7 and European countries imposed sanctions designed to punish Russia for aggression. in Ukraine. China’s total crude oil imports jumped 41.4% last year compared to 2021 in value terms, although volume fell 0.9%. It is precisely jumps in world energy prices that have affected China’s trade balance.
“Because China did not join the US and its allies in capping the price of Russian oil, Beijing received a large discount on oil from Russia. Energy demand is expected to increase this year as the economy begins to recover from the -abandoned Beijing’s Covid Zero,” he said.said in the article.
However, China has managed to avoid the rapid price increases seen in Europe and the US. This was partly because he increased domestic coal production and the government actually stepped in to keep prices stable. At the same time, consumer inflation in China rose by 2% in 2022, while the price of water, electricity and fuel rose by 2.9%.
The threat of imported inflation, according to the National Development and Reform Commission of China, will remain in 2023, due to the continued possibility of volatility in international commodity prices. However, China is “confident and able” to keep inflation under control.
Recall that the Russian Federation increased the sale of crude oil to India and China from the Arctic, after the embargo on tanker oil from the Russian Federation began in the European Union.
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.