MOSCOW TIME: 21.05.2019 11:50:48


Structural upgrade in exports, imports boosts trade between China and Russia

Structural upgrade in exports, imports boosts trade between China and Russia

In 2018, trade between the two countries was more than $100 billion, according to data released by the Ministry of Commerce in January.

China’s trade with Russia could be further boosted as bilateral goods trade is undergoing a structural upgrade amid downward economic pressure and stagnant global trade, said industry insiders at the economic forum at the 125th Canton Fair in Guangzhou, capital of South Chinas Guangdong Province on Tuesday.

The stable growth in bilateral trade between China and Russia, according to Sun Zhuangzhi, director of the Institute of Russia, Eastern Europe and Central Asia Studies in the Chinese Academy of Social Sciences, is the result of high-level cooperation and an upgrade in the export and import business.

At the ongoing Canton Fair, more than 6,000 buyers from Russia came, representing an annual increase of 6.4 percent from last year.

The year of 2018 witnessed stable growth in the trade between China and Russia, and provided a driving force in Chinas foreign trade. In 2018, trade between the two countries was more than $100 billion, according to data released by the Ministry of Commerce in January.

“In the past, the Chinese exports to Russia were mostly household products with little added value,” Sun said. Now there is structural upgrade in the industry, with a growing trend of brand building and localizing production among Chinese companies in Russia, resulting in a significant increase in Chinas exports to Russia, especially in the e-commerce sector.

E-commerce between China and Russia in 2013 was 36 million euros ($40.8 million), but the number exceeded 338 million euros in 2018. Companies including smartphone manufacturers Xiaomi and Huawei have already established offices in Russia, aiming to build a stronger brand among the locals.

The growth can also be attributed to the high-level cooperation between the two countries, especially facilitated by a series of preferential governmental export policies, including Russias efforts to simplify the declaration process at customs.

Belonogov Yevgeny, secretary of the Russian Embassy in China, said at the forum that the Russian customs has been making efforts to make the declaration process as simple as possible by establishing an electronic declaration system to reduce the cost of shipping for Chinese exporters. By 2020, electronic declarations are expected to make up 90 percent of declarations from China to Russia, according to Yevgeny.

The booming trade partnership between China and Russia will have a stabilizing effect on the performance of the Chinese economy in the future, according to Jia Kang, chief economist with the China Academy of New Supply-side Economics.

For now, the Chinese economy has outperformed some forecasts earlier this year, with the IMF predicting GDP growth will be 6.3 percent in comparison to the previously predicted 6.2 percent,Jia said. Stable trade with Russia will continue to contribute to a stable performance in 2019.

Source: Global Times


Exports Imports Trad China Russia

Share this:

Share this Share this Share this


21.05.2019 Rosatom fabricated nuclear fuel for initial loading at Unit 2 of Belarus NPP

Novosibirsk Chemical Concentrates Plant (NCCP, an enterprise of TVEL Fuel Company of Rosatom) has successfully completed the final inspection of the initial loading fuel ba...

20.05.2019 Russia EU Trade Balance

During the first three months of 2019, the trade turnover between Russia and the countries of the European Union increased 1.2% year-on-year up to 31.1 bn euro.

16.05.2019 The Ministry of economic development of the Russian Federation offers foreign investors to participate in a survey on What changes are needed in Russian legislation so as to create the most comfortable environment for doing business in the Russia?"

Nowadays, the world economy requires greater state involvement to international investment flows to increase the attractiveness and competitiveness of the country. Therefore, the M...



October 1-5, 2019 Moscow (Russia)

08.07.2019 INNOPROM 2019

July 8-11, 2019 Ekaterinburg (Russia)

06.06.2019 St. Petersburg International Economic Forum 2019

June 6-8, 2019 St. Petersburg (Russia)


18.04.2018 Pskov State University Increases Its International Student Body Thirty...

Higher education can be a profitable export business, provided the system is built correctly and qua...

FEA Education

03.05.2017 Anna Trubetskaya: "Business should be built on Russians"

About the models of business development in another country and professional secrets is told by a practicing expert on work in international markets Anna Trubetskaya

Our partners