Page 90 - bne Magazine February 2023

90 I New Europe in Numbers bne February 2023
China's exports to Russia have plummeted even without formal sanctions, but imports from Russia are booming
Russo-China trade up 30% in 2022, on course to hit $200bn early
Trade between Russia and China reached a new all-time high in 2022, with a 29.3% increase compared to the previous year, totalling $190.27bn, according to the General Administration of Customs (GAC) of China.
China's exports to Russia saw a 12.8% increase, totalling $76.12bn. Meanwhile, Russia's imports from China climbed by 43.4% to $114.15bn.
Russia's surplus in the trade relationship with China amounted to $38bn, a three-fold increase from 2021. The trade turnover between the two countries equalled $17.8bn in December 2022, which is
a decrease of 3% compared to November.
Polish industry ends 2022 in less depressive mood, PMI shows
Poland's Purchasing Managers' Index (PMI) rose 2.2 points to 45.6 in December, remaining below the 50-point mark separating contraction from growth, where it has stayed for eight consecutive months now, the economic intelligence company S&P Global said on January 2.
Output and new orders drove the December fall, while employment and purchasing continued to be cut, S&P Global said in an analysis. “However, rates of decline were generally softer than those seen in November, and there was some positive news on the inflation front as costs rose to a noticeably weaker degree,” the index’s compiler added.
Car sales in Russia collapsed by 58.8% in 2022 to 687,370 units, up by a quarter m/m
Car sales in Russia collapsed by 58.8% in 2022 to 687,370 units, the Association of European Businesses (AEB) said on January 12, as the sector continues to make a slow recovery from a collapse following the start of the war in February.
Production of cars in Russia almost completely ceased in the summer months as the sector came to a screeching halt. Most of the major international producers suspended operations and many of them have since exited the country.
Warm weather allows Germany to refill gas tanks in the middle of winter
Record-high December and January temperatures have allowed Germany to inject more gas into its gas tanks to hit 90% full as of January 6, from 87% a few weeks ago, in an unprecedented result.
Europe has scrambled to buy LNG supplies mainly from the US and Qatar after it was plunged into an energy crisis in 2022 after Russia cut supplies of piped gas to next to nothing in the second half of the year.
Europe’s average gas tank storage was 83% as of January 6 and although Europe as a whole has continued to receive new and record level supplies of LNG, it had been withdrawing gas from storage since November.
Source: General Administration of Customs of the People's Republic of China
Poland PMI
Source: S&P Global Market Intelligence
Russian car sales (units per period)
Source: AEB
Germany gas tanks full (%) vs injection (GWh/d)
Source: GIE, October 2022-January 2023
www.bne.eu