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China Exports to Russia Soar Despite Economic Slowdown

China’s top exports to Russia included smartphones, generator sets, excavators and containers, while imports from Russia also rose 55%.


China's exports fell by 0.3% in October, the latest trade data showed on Monday.
China's exports fell by 0.3% in October, the latest trade data showed on Monday. File photo: AFP.

 

China’s exports to Russia soared by 21% in September from a year earlier, climbing by over 10% for a third consecutive month.

Top exports to Russia included smartphones, generator sets, excavators and containers. The surge outperformed China’s overall export growth of 5.7% by a significant margin, customs data showed on Monday.

The data bucked the trend of a global economic slowdown and rising prices from the Russia-Ukraine war which have weekend global trade figures.

 

Import Surge

China’s imports from Russia also jumped 55% compared with a 59% increase in August, partly driven by a 22% annual rise in oil imports, the customs data showed.

Oil supplies from Russia totalled 7.46 million tonnes, equivalent to 1.82 million barrels per day (bpd), compared with 1.96 million bpd in August.

As Western nations have shunned Russia, cooperation with Beijing has become increasingly important for Moscow. Bilateral trade has surged to over $136 billion in value in the first nine months, up 32.5%.

 

  • Reuters, with additional editing from Alfie Habershon

 

 

Read more:

Small Indian Banks Talking With Russia on Payment System

Pakistan: West Won’t Mind us Buying Cheap Russian Oil – HT

China Third Quarter GDP Growth Rises, But Outlook Mixed

 

 

Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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