Russia-China Trade Turnover Drops 5.6% In H1 2020
Trade turnover between Russia and China dropped by 5.6% in January-June period this year to US$49.15 billion, according to the data released by China’s General Administration of Customs yesterday.
Exports from China to Russia declined 6% to US$20.94 billion, while Russia’s imports to China decreased by 5.3% year-on-year to US$28.21 billion.
Russia’s trade surplus with China amounted to US$7.27 billion. Last year Russia-China bilateral trade rose by 3.4% to US$110.75 billion, with predictions it would double by 2024. That doubling of the Russia-China trade corridor will still take place as the fundamentals are still there, however the impact of Covid-19 upon both countries, which has also seen the closure of borders will delay trade increases until the situation has improved.
Trade is growing however in ecommerce activities, and Russian and Chinese manufacturers should be looking at the mutual ways of selling onto each others markets by adapting to each others ecommerce trade platforms. We discussed how Russian businesses could do this in the China market in the article Russian Businesses Should Use Online Platforms To Access Chinese Buyers.
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