Despite a grim global economic outlook, Chinese customs statistics revealed Thursday that exports to Russia more than quadrupled in March, and imports rose by double digits. China exported $9 billion to Russia in March, up 136.4% over the preceding two months’ 19.8% rise.
Russia’s $11 billion imports climbed 40.5%, quicker than January-February’s 31.3%.
Despite declining global growth, bilateral trade data is positive. However, on Tuesday, the IMF lowered its 2023 global GDP projection to 2.8% from 2.9%, warning that financial system weaknesses might cause a new catastrophe.
In late March, Chinese President Xi Jinping visited Russia, called President Vladimir Putin, a great friend, and pledged economic cooperation.
The visit occurred slightly over a year after Russia started a “special military operation” in Ukraine, prompting EU sanctions on seaborne petroleum and coal and a December Group of Seven price restriction on Russian crude oil.
China, the world’s largest energy user, saved billions on Russian oil and coal.
On Thursday, Chinese customs did not specify which items increased bilateral commerce.
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