Page 9 - AsiaElec Week 36 2022

AsiaElec TRADE AsiaElec

Russia-China trade up by a third

this year, on course for $200bn

CHINA RUSSO-CHINESE trade turnover was up by Standing Committee of the Chinese National
31.4% in the first eight months of this year to People’s Congress Li Zhanshu at the Eastern
$117bn and is on course to hit $200bn, the Gen- Economic Forum in Vladivostok.
eral Administration of Customs (GAC) of China “The trade turnover is growing. It increased
reported on September 7. significantly by 36% last year and reached as
Total trade turnover hit a new record of much as $140bn. It continues growing; it gained
$146.9bn in 2021 as both sides have striven to 30% more during the first six months of the year,”
reach the goal of increasing trade to $200bn set Putin said. “To all appearance, we will indeed
several years ago. reach $200bn soon as we desired,” the Russian
China’s exports to Russia rose by 8.5% in the leader added.
reporting period to $44.26bn, while imports of However, there have been problems with
Russian goods and services climbed by 50.7% to trade this year after the Russian invasion of
$72.95bn, according to released data, reported Ukraine and imports from China have fallen
Tass. heavily, while exports to China remain strong.
In August, trade turnover between the two Investments by China into Russia have also
countries totalled $19.21bn, with Chinese stopped since the war began.
exports reaching $7.99bn, while imports total- China is wary of getting too close to Russia,
ling $11.21bn. as its biggest export market remains the EU and
Last year trade turnover between Russia and US, thus exposing it to sanctions risk. However,
China gained 35.8% to $146.88bn. Russia has few other large markets to turn to.™
Russia and China can soon reach the $200bn
level in mutual trade, President Vladimir Putin
said at the meeting with Chairman of the

Week 36 07•September•2022 www. NEWSBASE .com P9