China’s 2022 Trade With Russia Hits Record $190bn
As per the recent statement released by the government, China’s trade with Russia hit a record 1.28 trillion yuan ($190 billion) last year, even as Russia’s imports from the European association fell on sanctions connected to Moscow’s invasion of Ukraine.
China’s 2022 exports to and imports from Russia presented 3% of China’s total trade, as per the statement given by Lyu Daliang, spokesperson of the General Administration of Customs.
Not only this, but shipments of Chinese commodities to Russia have also increased for six months.
Additionally, Russia dramatically increased its rail exports of liquified petroleum gas to China last year, 2022 as part of the Kremlin’s drive to enhance its energy export sales, as per the Reuters analysis based on information collected from industry sources.
According to Russia's leading producer, Gazprom, China’s imports of Russian natural gas through the Power of Siberia pipeline are set to have increased by at least 50% in 2022. On the other hand, China’s Russian crude oil imports increased by 10% on year in the initial 11 months at around 80 million tonnes.
China’s trade with Russia decreased sharply in dollar terms in December, with exports increasing by 8.3% from the same month last year, down from November’s 17.9% rise, as per Reuters calculations based on Chinese customs information. No wonder China looks set to grow after Covid compared to the rest of the world.
Imports from Russia increased by 8.3%, decreasing from a 28.5% gain in November, as growth in Covid-19 infections following China’s sudden end to critical restrictions weighed on domestic demand.
But with the disorganisation of Beijing’s zero Covid policy, Russia and China are prepared toc continue mutual travel at the earliest opportunity and develop their strategic participation, as Zhang Hanhui, China’s ambassador, stated to Russia.