Russia-China trade increases, while China's foreign trade faces challenges
Date
11/8/2023 2:49:50 AM
(MENAFN) The Chinese Customs Authority made an announcement on Tuesday, revealing a substantial 27.7 percent year-on-year increase in trade volume between Russia and China. The trade between these two nations surged to USD196.48 billion in the period spanning January to October.
According to the statement, China's exports to Russia witnessed a remarkable 52.2 percent rise during the first ten months of this year, reaching USD90.08 billion. In contrast, Russia's imports showed a steady increase of 12.4 percent, amounting to USD106.4 billion. These figures were reported by the Russian TASS news agency, highlighting the robust trade relationship between the two countries.
Data from the Chinese Customs Authority unveiled an overall growth in China's foreign trade volume for the first ten months of the current year, edging up by 0.03 percent annually to reach 34.32 trillion yuan, equivalent to approximately USD4.78 trillion.
The General Administration of Customs, as quoted by Xinhua News Agency, disclosed that China's exports during the same period rose by 0.4 percent to 19.55 trillion yuan. However, imports experienced a slight dip of 0.5 percent, totaling 14.77 trillion yuan. This data results in a substantial trade surplus of 4.78 trillion yuan.
Taking a closer look at the trade dynamics for October, the value of China's foreign trade demonstrated a growth of 0.9 percent, reaching 3.4 trillion yuan. Import values increased by 3 percent annually, while export values experienced a 6.4 percent annual decrease. The export decline was somewhat unexpected by analysts, who had anticipated a more modest contraction. In contrast, the increase in imports came as a surprise.
China, the world's second-largest economy, currently grapples with a real estate crisis and a broader global demand slump. The foreign trade figures for September had been viewed more optimistically. However, a closer comparison revealed that in October, China's foreign trade volume had shrunk by 5.2 percent in comparison to the previous September.
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