08.11.2022, 13:17
China has Become Russia's main Trading Partner
Source: OREANDA-NEWS
OREANDA-NEWS Trade between Russia and Europe decreased by 43%, while trade between Russia and China increased by 23% amid sanctions and restrictions due to the military operation in Ukraine. As a result, China has become Russia's main trading partner. This was reported by The Financial Times newspaper with reference to the German research institute Kiel Institute for the World Economy.
According to Kiel's calculations, in June, July and August, the volume of Russian imports decreased by 24% in annual terms, the import deficit amounted to $4.5 billion per month. During this period, trade between Russia and Europe decreased by 43%, and Russia and China increased by 23%. At the same time, Russia could not replace imports from Europe with trade with China.
"Chinese exports turned out to be insufficient to compensate for the decline in Russia's trade with the EU, so it is becoming increasingly difficult for Russia to replace declining imports from Europe. The sanctions imposed by the Western alliance obviously hit the Russian economy hard and significantly limit the consumer opportunities of the population," said Vincent Stamer, head of Kiel Trade Indicator.
On the eve of the Chinese customs reported that in the ten months of 2022, the trade turnover between Russia and China increased by 33%, to $153.938 billion. In total, Chinese exports in October decreased in annual terms by 0.3%, imports — by 0.7%.
According to Kiel's calculations, in June, July and August, the volume of Russian imports decreased by 24% in annual terms, the import deficit amounted to $4.5 billion per month. During this period, trade between Russia and Europe decreased by 43%, and Russia and China increased by 23%. At the same time, Russia could not replace imports from Europe with trade with China.
"Chinese exports turned out to be insufficient to compensate for the decline in Russia's trade with the EU, so it is becoming increasingly difficult for Russia to replace declining imports from Europe. The sanctions imposed by the Western alliance obviously hit the Russian economy hard and significantly limit the consumer opportunities of the population," said Vincent Stamer, head of Kiel Trade Indicator.
On the eve of the Chinese customs reported that in the ten months of 2022, the trade turnover between Russia and China increased by 33%, to $153.938 billion. In total, Chinese exports in October decreased in annual terms by 0.3%, imports — by 0.7%.
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