In August, China’s commerce with Russia accelerates

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Last Updated on September 7, 2022 by Bitfinsider

With poor global demand, Chinese shipments to and from Russia increased in August compared to a month earlier. Other countries saw slower movements.

Reuters estimates based on Chinese customs data on Wednesday (Sep 7) indicated that Chinese shipments to Russia, which has been subject to Western sanctions due to its invasion of Ukraine, increased by 26.5% from a year earlier in dollar terms, up from a rise of 22.2% in July.

Russian imports increased by 59.3% compared to a 49.3% increase in July.

China gets a lot of its agricultural products, natural gas, coal, and oil from Russia.

According to data from Chinese customs released on August 20, Russia continued to be China’s top oil supplier in July. The ranking for August has not yet been released by the agency.

Chinese demand for Russian energy is increasing, according to Russian President Vladimir Putin, who made the comment on Wednesday at an economic summit in Vladivostok.

Russian gas supplier Gazprom announced on Tuesday that it has inked a contract to begin using yuan and roubles as payment methods instead of dollars for gas exports to China.

The most senior Chinese official to visit Russia since the start of the Ukraine war, Chinese legislator Li Zhanshu, who is ranked third in the Communist Party, will attend the Vladivostok event, highlighting the close connections between the two nations.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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