China’s trade volume with Russia grew by 5.2% in the first quarter – Kommersant
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From January to March, China’s trade with Russia reached $56.68 billion. This is 5.2% more than in the same period last year. This is evidenced by recent data General Administration of Customs of the People’s Republic of China.
China imported goods worth $24.428 billion to Russia. In annual terms, the growth was 2.6%. Supplies from Russia to China increased by 7.3%, to $32.254 billion. At the same time, trade turnover between China and the United States during the same period decreased by 4%, to $150.04 billion.
In 2023, trade between China and Russia grew by 26.3%, to a record $240.11 billion. According to February dataChina’s share in Russian imports increased from 27% to 45%, while the share of developed countries decreased from 47% to 17%.
Recently, at a record pace growing demand of small and medium-sized Russian businesses for intermediaries to work with counterparties from China. From March 2023 to March this year, the demand for the services of intermediaries who help purchase goods in China, arrange their delivery and make mutual settlements with manufacturers increased by 97%, and the supply of such services increased by 112%.
At the same time, as Kommersant found out, since the end of March, Chinese banks began to block payments from Russian companies for components for assembling electronics. The first difficulties with payment, which arose back in December, concerned mainly finished products. Now there are problems with components for servers, storage systems and laptops.
Read more in the publication “Kommersant” “Electronics got caught in the wiring”.
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