China’s Overall Trade with Russia Rose Over 12% in March

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China’s Overall Trade with Russia Rose Over 12% in March
14 Apr 2022
min read

News Synopsis

China's total trade with Russia increased by more than 12% year-on-year in March and slowed from February, but still outpacing the growth in China's total imports and exports as Beijing imposed western sanctions on Russia following the invasion of Ukraine.

Shipments to and from Russia increased 12.76% in March to $11.67 billion, showing a fall from 25.7% growth in February. Still, the growth reported in March was faster than the 7.75% increase in China’s trade with all countries and regions to $504.79 billion.

Before Russia’s invasion of Ukraine, China and Russia declared a “no-limits” strategic partnership. Total trade between the countries jumped 35.8% to a record $146.9 billion.

China’s trade with Russia jumped 30.45% in the first quarter, from a year earlier, within the range of gains seen in previous quarterly increases. Russia is a major source of oil, gas, coal and agricultural commodities for China. 

The World Trade Organisation on Tuesday revised its forecast for global trade this year because of the impact of the Russia-Ukraine war.

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