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Trade between Russia and China surged 34% annually to $6.5 bln in January

February 10, 11:10 UTC+3 BEIJING
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BEIJING, February 10. /TASS/. The trade turnover between Russia and China grew 34% year-on-year in January 2017 to $ 6.5 bln, China Customs Administration reported on Friday.

Export from China to Russia rose 29.5% to $3.4 bln. China’s import from Russia surged 39.3% to $3.1 bln.

"China’s growth rates turn out to be much lower than import [growth] in the last six months. Years of 2014-2016 became a transitional period, when dramatic changes took place in the foreign trade of our country," senior specialist of Jiuzhou Zhenquan investment bank Deng Haiqing said in a comment. If both export and import showed a decline in China two years ago, a steady upward trend has recently appeared, he said.

"Improvement of the situation is explained in particular by streamlining of China’s monetary policy and optimization of controlling and regulating mechanisms," the expert said.

Energy resources account at present for more than 50% of Russian export to China. China imported 52.3 mln tonnes of Russian oil in 2016, up 23.4% year-on-year.

China’s export to Russia rose 7.3% on an annualized basis to $37.3 bln in 2016. Import of Russian goods contracted 3.1% year-on-year to $32.2 bln last year.

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