BEIJING – The trade turnover between Russia and China in January-February increased by 1.7% on an annualized basis and decreased by 19.9% over the same period between China and the United States. This was revealed on March 8th by the Main Customs Administration of China.
Today, the volume of trade in Moscow and Beijing is $ 16 billion, with $ 6.83 billion in February alone. Exports of Chinese products fell by 4.8% to $ 7.07 billion, while imports of Russian goods increased by 7.5% to $ 8.97 billion. Russia has worked to fill certain gaps created by the US imposed sanctions policy, and has succeeded by and large through ‘ISI’ – import substitution industrialization – and increased trade with its other partners like China.
Sino-US trade now stands at $ 76.47 billion. Chinese exports fell 14.1% to $ 59.29 billion. Imports of American goods and services decreased by 35.1% to $ 17.18 billion. The negative balance of the United States in trade with China in February amounted to $ 14.72 billion.
At the end of 2018, Moscow and Beijing increased trade turnover by 27.1%, to $ 107 billion, having achieved such high rates for the first time. Then the volume of exports from China for the year increased by 12%, exceeding $ 47.97 billion, and imports of Russian goods – by 42.7%, to $ 59.08 billion.
In addition, in the first nine months of 2018, Russia increased trade volumes with the European Union and Argentina .
At the end of January 2019, Russian President Vladimir Putin proposed to increase trade with Japan to $ 30 billion.