Chinese customs statistics revealed on Thursday that, at a time when both of the neighbours have hailed their relations as at a new high, China’s two-way commerce with Russia increased in June to its highest level since the beginning of the Ukraine war.
China-Russia June trade value: According to data from the General Administration of Customs, bilateral trade value increased to $20.83 billion in June, the highest level since February 2022, despite weakening global demand and mounting geopolitical threats.
Russia-related imports into China increased by 15.7% to $11.28 billion, outpacing a 10% gain in May. China has been purchasing some metals, coal, and oil at reduced prices from Russia.
Last month, exports to Russia increased by 90.9% to a total of $9.55 billion, a rate that was lower than the 114% growth seen in May.
A breakdown of the data was not provided by the Chinese customs department on Thursday.
According to the research firm Autostat, Chinese brands like Haval, Chery, and Geely, which have stepped into the void left by fleeing Western companies, account for six of the top ten brands in terms of market share in Russia’s car industry.
On Monday, Chinese President Xi Jinping vowed to keep working with Russia to forge an all-encompassing strategic partnership of cooperation.
The Kremlin said on Wednesday that President Vladimir Putin will be travelling to China, and that it was a good moment to keep up their cordial ties.