Trade turnover between China and Russia grew by 29% in the first half of the year

The volume of trade between China and Russia in the first seven months of this year grew by 29% year on year and amounted to $97.71 billion. This was announced on Sunday, August 7, by the General Administration of Customs of the People’s Republic of China.

The document is published on the agency’s website. It is specified that China’s exports to Russia during this period increased by 5.2%, to $36.27 billion. Russia increased exports to China by 48.8%, to $61.45 billion.

In July, China’s exports reached $6.77 billion, while imports showed a volume of $10.02 billion.

Earlier, the authorities of the two countries set the task of bringing the volume of bilateral trade to $200 billion a year.

On August 5, Alexei Dakhnovsky, Russia’s trade representative in China, said that China’s role as Russia’s trading partner is growing as old supply chains are broken. According to him, by the end of the year, Russia and China can reach $185-190 billion in bilateral trade.

On July 11, Russian Ambassador to China Andrey Denisov said that the West’s policy towards Russia and the threat of secondary sanctions against Chinese companies affect the trade of the two countries, but this influence is by no means critical. According to him, Russia’s partnership with China “has gone far enough.”

On June 1, Russian Foreign Minister Sergei Lavrov announced that Russia and China intend to significantly increase the use of the yuan and the ruble in settlements between the countries.

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