Russian-Chinese trade turnover is growing, but growth is slowing down — RASPP
Russian-Chinese trade turnover is growing, but growth is slowing down, according to the material on the Telegram channel of the Russian-Asian Union of Industrialists and Entrepreneurs.
Earlier, the General Administration of Customs of the People's Republic of China published statistics on trade with Russia for 4 months. Trade turnover between China and the Russian Federation in January-April 2024 increased by 4.7% (hereinafter — compared to the same period last year), reaching $76.581 billion. China supplied goods worth $32.733 billion (+1.9%) to Russia and imported $43.847 billion (+10.2%).
“For comparison, at the end of three months, trade turnover grew by 5.2%, Russian imports from China increased by 2.6%, and exports to China – by 7.3%. Thus, we see that the growth rate of trade turnover is falling. At the same time, in the first two months of 2024, total trade turnover grew by 9.3%, including imports from China by 12.5%,” says the RASPP article.
It is also noted that individual figures for April indicate even more clearly a decline in growth rates. At the end of March, the volume of trade between China and Russia amounted to $19.571 billion (in April $19.764 billion), including imports from China — $7.627 billion (in April $8.317 billion). Russian exports to China in March amounted to $11.944 billion (in April $11.447 billion).
“Payment problems have a certain impact, and it is obvious that the overall growth in mutual trade was achieved primarily thanks to the first two months of this year «, the article says.
Earlier, Chinese Ambassador to Russia Zhang Hanhui told RIA Novosti that the reason for the failures in bilateral payments between Moscow and Beijing was the intervention of third countries. “The disruptions occurred because some countries are creating problems for us. But I believe that we will find a way to overcome these problems,” he said.
In January, Bloomberg reported that Chinese state-owned banks were tightening restrictions on working with Russian clients.