China boosts exports to Russia

Chinese exports to Russia soared in August despite Western sanctions targeting the Russian economy, the news outlet RBK reported this week, citing official Chinese customs data.

According to the report, shipments from China to Russia last month reached roughly $7.9 billion, an increase of 26.7% from last August ($6.3 billion). China’s General Administration of Customs has not yet disclosed trade details by category for August, but according to the data for July, some 36% of Chinese exports to Russia consisted of equipment, mechanical devices, and various machinery.

This marked the second month in a row of growth in the country's exports to Russia, after a slight drop in the first half of the year.

Meanwhile, Chinese imports of Russian goods also jumped significantly last month, reaching $11.2 billion, 58% higher than in August 2021. Crude oil and petroleum products accounted for more than half of Russian exports.

Trade turnover between Russia and China for January-August has now reached $117.2 billion, 31% higher than in the same period last year. Russian Economy Minister Maxim Reshetnikov said on Tuesday that overall trade turnover could surpass $170 billion by the year’s end.

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