China’s Export and Import Growth with Russia Accelerates in September
China-Russia Trade Ties Strengthen Amid Western Disapproval
China’s customs data revealed that the growth of China’s exports and imports with Russia in September surpassed the previous month’s figures. Despite facing disapproval from the West, China is determined to forge deeper trade ties with its neighboring country. The latest statistics indicate a positive trajectory for bilateral trade between the two nations.
China’s Exports to Russia Experience Significant Surge
China’s exports to Russia witnessed a remarkable growth of 21% in September, amounting to $9.6 billion. This surge in exports reflects a notable acceleration from the 16% growth recorded in August. The steady increase in Chinese shipments to Russia showcases the strengthening economic relationship between the two nations.
Russian Imports into China Demonstrate Steady Growth
Imports from Russia into China also experienced growth, rising by 8% to reach $11.53 billion in September. This positive trend follows a 3% increase in August, highlighting the consistent growth of imports from Russia. The rise in imports signifies the expanding demand for Russian goods within the Chinese market.
Robust Bilateral Trade Value Hits a Record High
The bilateral trade value between China and Russia reached an impressive $21.18 billion in September. This figure represents the highest trade value since February 2022, when Russia initiated the war in Ukraine. Despite external challenges and sanctions, the trade relationship between China and Russia continues to thrive.
Russia Turns to China for Economic Support
In the face of Western sanctions, Russia has increasingly relied on China for economic support. The Chinese demand for oil, gas, and grain has provided a significant boost to the Russian economy. This economic alliance has proven beneficial for both nations, strengthening their ties and fostering mutual growth.
China and Russia Deepen Economic Cooperation
Chinese Commerce Minister Wang Wentao emphasized the deepening economic and trade cooperation between China and Russia. Under the strategic guidance of their leaders, the economic relationship between the two nations has become more solid and extensive. This mutual commitment paves the way for further collaborations in various sectors.
Chinese Market Opens Doors for Russian Pork Imports
In a recent development, Chinese customs announced the approval of pork imports from specific regions in Russia that are free from African swine fever. This decision expands the range of Russian products available in the Chinese market, supporting the growth of bilateral trade and diversifying trade offerings.
President Putin to Attend China’s Belt and Road Forum
President Vladimir Putin is scheduled to attend China’s Belt and Road Forum in the coming week. This visit holds significance as it marks a rare trip abroad for the Russian president. The forum serves as a platform for further strengthening economic cooperation and fostering closer ties between China and Russia.
