China-Russia trade surges by 28% in Q1 in yuan terms
China’s trade with Russia maintained a growing trend in the first quarter with a surge of about 28 percent on a yearly basis in yuan terms, according to data released by China’s General Administration of Customs on Wednesday.
Trade between Russia and China stood at 243 billion yuan ($38.2 billion) in the first quarter, customs spokesperson Li Kuiwen said at a press conference on Wednesday.
This means that China-Russia trade has grown by about 28 percent year-on-year in yuan terms in the first quarter. The two countries’ trade stood at about 190 billion yuan in the first quarter of 2021.
In general, China-Russia trade grew by 26.6 percent in yuan terms last year, customs data showed.
Bai Ming, deputy director of the International Market Research Institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times that the rise is in line with the recent-year trend of China importing more energy products from Russia in order to form multiple energy import channels.
“With energy pipelines being built between the two countries as well as geological convenience, it’s a trend that China would buy more energy products from Russia,” he said.
China also achieved positive trade growth with Ukraine in the first quarter. China-Ukraine trade stood at about 29.59 billion yuan in the first quarter, Li said. Russia and Ukraine are currently engaged in military conflict.
“Chinese customs will continue to serve China’s normal trade cooperation with countries including Russia and Ukraine,” Li noted.
Detailed trade statistics between China and the two countries will be released soon.
Source: Global Times