(MENAFN) Based om the figures from China's customs administration, Russia purchased USD6.7 billion worth of products from China in July, a rise of more than a third from the prior month, according to a report from Bloomberg on Monday.
The study announces that in the midst of unprecedented restrictions, Chinese products are stepping in to fill the gap created by the emigration of western brands.
According to calculations made by Reuters using the publicly available data, Chinese shipments to Russia increased 22.2 percent in dollar terms in July in comparison to a year earlier, reversing a fall of 17 percent in June and signaling the first recovery since March.
Even though it was slower than the gains of 56 percent in June and 79.6 percent in May, import growth from Russia maintained a high rate of 49.3 percent in July. Moreover, the total value of bilateral commerce between China and Russia in the first seven months of 2022 was USD97.71 billion, an increase of 29 percent year over year.
In the first seven months of 2022, bilateral trade between China and Russia totaled USD97.71 billion, a year over year growth of 29 percent, “it is expected that the foreign trade between China and Russia this year would surpass the level of 2021 when the bilateral trade stood at $146.87 billion, a record high.”
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