Russia-China trade grows at unprecedented rate

On June 7, official figures showed that total trade turnover between Russia and China in May skyrocketed to levels not seen since the start of the conflict in Ukraine.

China-Russia trade hits highest level since conflict with Ukraine began. (Source: Rianovosti)

According to data from Beijing, trade between the two countries last month reached $20.5 billion, with China's imports from Russia reaching $11.3 billion.

In addition, exports from the world's second-largest economy to Russia increased by 75.6% in May 2023, the highest level since the Russia-Ukraine conflict, even as trade turnover with most major markets in Europe and the US decreased.

Rising global inflation, the risk of recession elsewhere and geopolitical tensions with the US have weakened demand for Chinese products.

Trade growth between Russia and China has become one of the issues to watch in 2022.

After being imposed harsh sanctions by the West, Russia has shifted its oil and gas supplies from West to East, with China being one of the main destinations. Russian energy supplies to China have reached unprecedented levels.

Russia has become one of the leading countries in oil exports to China, second in pipeline gas supplies and fourth in liquefied natural gas (LNG) imports.

Source: https://baoquocte.vn/thuong-mai-nga-trung-quoc-tang-chua-tung-thay-230075.html