10.12.2024, 14:21
China has reduced supplies to Russia
Source: OREANDA-NEWS
OREANDA-NEWS In November, exports from China to Russia fell in yuan immediately by 10.5 percent compared to the same period last year, which was the first decline in four months. This is reported by Reuters with reference to data from the Chinese customs.
Back in October, exports grew by 24 percent, so the double-digit drop came as a surprise. Imports from Russia to China accelerated the decline — minus 7.4 percent against 4.3 percent in October.
The agency does not provide data on deliveries to both sides. In total, the volume of bilateral trade between Russia and China amounted to 145.9 billion yuan ($20.14 billion), which is five percent less than in October. At the same time, since the beginning of the year, the trade turnover has been in the black. It has grown by 2.1 percent in 11 months.
One of the reasons for the decline in trade is the problem of making payments, which increases with each US sanctions package. Russian business has actually lost the opportunity to cooperate with the largest Chinese banks and is now forced to look for non-standard workarounds to transfer funds to suppliers.
On the other hand, Chinese imports from Russia are mostly related to energy resources, and in November, Russian oil companies reduced supplies to China to 2.04 million barrels per day (2.19 million in October). This allowed Saudi Arabia, the main Russian competitor in the market, to reduce the gap.
Back in October, exports grew by 24 percent, so the double-digit drop came as a surprise. Imports from Russia to China accelerated the decline — minus 7.4 percent against 4.3 percent in October.
The agency does not provide data on deliveries to both sides. In total, the volume of bilateral trade between Russia and China amounted to 145.9 billion yuan ($20.14 billion), which is five percent less than in October. At the same time, since the beginning of the year, the trade turnover has been in the black. It has grown by 2.1 percent in 11 months.
One of the reasons for the decline in trade is the problem of making payments, which increases with each US sanctions package. Russian business has actually lost the opportunity to cooperate with the largest Chinese banks and is now forced to look for non-standard workarounds to transfer funds to suppliers.
On the other hand, Chinese imports from Russia are mostly related to energy resources, and in November, Russian oil companies reduced supplies to China to 2.04 million barrels per day (2.19 million in October). This allowed Saudi Arabia, the main Russian competitor in the market, to reduce the gap.
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