By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, March 8, 2023
The trade turnover between Russia and China from January to February increased by 25.9% year-on-year, exceeding $ 33.68 billion, revelaed data from the General Administration of Customs of China.
Exports from China to Russia for two months increased by 19.8%, to about $ 15.03 billion. Imports of Russian goods and services to China increased by 31.3%, almost reaching $ 18.65 billion.
In 2022, the trade turnover between Russia and China grew by 29.3%, to $ 190.27 billion, which was a record. The Russian Foreign Ministry reported that the share of trade between the two countries in national currencies reached almost half. Customs called China among the main trading partners of Russia at the end of 2022.
According to the International Monetary Fund (IMF), Chinese GDP benefited from 3% growth in 2022. In 2023 China’s GDP should increase by 5.2%, but in 2024, its growth should slow down to 4.5%.
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According to data published in January 2023 by the IMF, Russian GDP fell in 2022 by 2.2%. According to a forecast made in October by the Washington -based institution, the expected decline was 3.4%. In 2023, the institution forecasts Russia GDP growth by 0.3%.
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© Copyright 2023 – Swann Collins, investor, writer and consultant in international affairs.