China’s exports to Russia closing in to pre-war levels

China’s exports to Russia returned to levels close to those seen in the pre-war period due to the rapprochement between the two countries, motivated by Western sanctions against the invasion of Ukraine.

In July, Russia bought $6.7 billion worth of goods from China, up more than a third from the previous month and up more than 20% from the same period a year ago.

On the other hand, according to data from China’s customs authority, Chinese purchases from Russia — which increased from March to May — saw a slight increase last month after a drop in June.

China’s exports to Russia are entering the Russian market to fill the void created by the exit of Western corporations. As a result, sanctions have increased shipments of Chinese automobiles manufactured by  Great Wall Motor and Geely, whose models are among the best-selling in Russia.

The increase in trade relations between China and Russia can also be seen in the foreign exchange market, with yuan-ruble trading reaching an all-time high last month as local demand for the Chinese currency surged.

Source: Valor Econômico

To read the full original article, please go to: https://valor.globo.com/mundo/noticia/2022/08/08/exportaes-da-china-para-a-rssia-esto-prximas-do-nvel-pr-guerra.ghtml

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