China’s trade volume with Russia has exceeded $200 billion. This happened a year earlier than Beijing and Moscow had planned.
China continues to increase trade with Russia. Trade turnover between the two countries reached $218.2 billion in January-November and crossed the $200 billion mark a year earlier than Beijing and Moscow had planned. This was reported by the press service of the General Administration of Customs of the People’s Republic of China.
Sino-Russian trade in the first 11 months exceeded all of $190 billion last year, which is considered a record, and a new record level of bilateral trade should be expected this year.
Compared to January-November 2022, the trade turnover between China and Russia this year in the same period jumped by almost a third – by 26.7%.
Earlier, in 2019, Beijing and Moscow agreed over the next five years, through 2024, to increase the volume of bilateral trade to $200 billion from $107 billion in 2018.
On a monthly basis, China’s trade with Russia reached $21.5 billion in November, the highest single-month total since February 2022, when Moscow launched its full-scale invasion of Ukraine.
At the same time, in November, China’s exports to the Russian Federation jumped by 34% to $10.3 billion, and the growth rate of imports from Russia slightly decreased – in November, the increase in supplies from in the Russian Federation was recorded by 6%, to $11.2 billion, while in October this figure was 9%.
It was previously reported that in the five months from the beginning of 2023, Chinese automakers exported more cars to Russia than to any other country. Parallel import of foreign cars in Russia is disappearing. Even connoisseurs of premium brands are forced to switch to Chinese cars.
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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.