Economic Indicators

China’s export, import growth with Russia quickens in September


FILE PHOTO: Containers and trucks are seen following a snowfall at the port of Qingdao, Shandong province, China February 14, 2019. REUTERS/Stringer/File photo

 

BEIJING (Reuters) – The growth of China’s exports and imports with Russia on a year-on-year basis quickened in September from August, China’s customs data showed on Friday, as it urged deeper trade ties with its neighbour despite the disapproval of the West.

Chinese shipments to Russia rose 21% to $9.6 billion in September from a year earlier, accelerating from 16% growth in August, Reuters calculations based on customs data showed.

Imports from Russia rose 8% to $11.53 billion last month after rising 3% in August.

Bilateral trade value surged to $21.18 billion in September, the highest since February 2022 when Russia began the war in Ukraine, according to the data by Chinese General Administration of Customs.

Under Western sanctions, Russia has turned to China for economic support, benefiting from Chinese demand for oil, gas and grain.

Last month, Chinese Commerce Minister Wang Wentao said that China-Russian economic and trade cooperation had deepened and become more “solid” under the “strategic guidance” of their two leaders.

China also cleared the way for imports of pork from regions of Russia without African swine fever, Chinese customs said recently.

President Vladimir Putin is due to attend China’s Belt and Road Forum next week on a rare trip abroad.

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