BEIJING (Realist English). Chinese exports to Russia snapped four months of declines and grew robustly in July, while Russian shipments to China also held up well, official customs data showed.
The July volume of trade between the two countries reached $16.79 billion. In July, Chinese shipments to sanctions-hit Russia increased by 22.2% in dollar terms compared to last year, shaking off the 17% drop in June and marking the first increase since March.
Imports growth from Russia sustained an elevated pace at 49.3 per cent in July, though slower than a 56 per cent gain in June and a 79.6 per cent rise in May. Russia is a major source of oil, gas, coal and agricultural commodities for China. Russia was the largest oil supplier to China in May and June.
However, oil supplies loaded from the Russian ports to the China dropped to 21.3 million barrels in July, the lowest since February. Over the past seven months, Russia and China have increased trade volume by 29% to $97.71 billion.
By the end of 2022, the countries plan to increase trade turnover to $200 billion. Exports of Chinese goods to Russia increased in seven months to $36.27 billion, an increase of 5.2%. And imports of Russian goods and services jumped by 48.8% to $61.45 billion.
