China’s claims trade with Russia jumped 30% in first half of 2022

China’s trade with Russia from January to July rose nearly 30% from the same period last year to $97.71 billion, according to the Chinese state-owned enterprise. world times reported Sunday.

China’s General Administration of Customs released new data on Aug. 7 showing that Beijing’s trade with Moscow rose 29 percent in the first seven months of 2022 compared to the same period in 2021.

Detailing the development on Sunday, the world times wrote:

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.

State customs data further showed that China imported 247 billion yuan ($36.5 billion) worth of oil, mineral fuels and asphalt products from Russia in the first six months of 2022. During the same period, China exported 77 billion yuan ($11.4 billion). value of mechanical and electrical products to Russia.

Driverless vehicles move shipping containers at a port in Qingdao, east China’s Shandong province, January 6, 2022. China’s exports rose 15.7 percent in March 2022, more than a year earlier, while imports were flat due to disruptions caused by coronavirus outbreaks. (Chinatopix via AP, file)

While energy trade appears to be a big part of economic cooperation between Beijing and Moscow, the two sides have recently stepped up efforts to exchange more in agriculture and “new energy vehicles”, according to Song Kui, who is president of the Contemporary China-Russia Regional Economic Research Institute.

The song said to world times on August 7 that “escalating sanctions from the West” has also pushed Moscow to increase its exports to China over the past five months. He referred to a series of Washington-led financial sanctions imposed on Russian companies and entities beginning Feb. 24 and continuing to expand today. The campaign serves as the West’s economic response to Russia’s latest war with neighboring Ukraine, which began on February 24. The sanctions affect both specific Russian targets and the traditional payment and settlement systems these entities rely on to conduct relevant business transactions. Moscow circumvented the side effects of the sanctions by settling foreign trade payments either in its own currency, the ruble, or in those of other countries, such as the Chinese yuan.

“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. world times Sunday, referring to the US dollar serving as the basis for most major international trade agreements.

A representative of the China-based Purefine Wood Trade Agency told the world times on June 21, the company was “importing timber from Russia and mostly using yuan or ruble settlements instead of using US dollars.”

“Most of our member companies use yuan for cross-border trade settlements instead of US dollars or other currencies, because settlement in yuan is much faster and more convenient,” said Wang, an official with the union. Russian Asian Industrialists and Entrepreneurs. newspaper of the time.


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