Chinese trade with Russia grows 38,5% in two months.

247 Nikkei Asia - Chinese trade with Russia grew 38,5% year-on-year in January and February, far exceeding Beijing's 15,9% increase in total trade during the period, as the two countries have grown closer economically in recent months. Trade volume in January-February reached US$26,43 billion. 

China primarily exports machinery and household appliances to Russia, while importing mainly crude oil and other forms of energy. Bilateral trade is believed to have grown in part due to rising commodity prices, as well as increased shipments of machinery and other products.

Chinese exports to Russia increased 41,5% year-on-year in the two-month period, while imports rose 35,8%, China's customs administration reported on Monday, the 7th. 

Russia's trade surplus in January-February reached US$1,19 billion, a 26,3% year-on-year increase.

“Despite increasingly complex and unpredictable external factors, China’s foreign trade situation remains stable. This is mainly due to the flexibility of the Chinese economy. Overall, in the long term, the positive trend remains unchanged,” said Chinese customs official Li Kuiwen, commenting on the newly released data.

Following last year's positive results, Chinese President Xi Jinping predicted that trade volume between Russia and China could soon reach US$250 billion. Experts say this figure could be reached by 2026. Among the main areas contributing to the growth of trade between the two countries, analysts list Russian exports of oil and gas, non-ferrous metals, and agricultural products. Last month, China lifted all restrictions on imports of Russian wheat and is now free to buy wheat from any Russian region.

Subscribe to 247, Support via Pix, Subscribe to TV 247, in the channel Cuts 247 and watch: