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Russian entrepreneurs may get new opportunities in Chinese market — finance minister

The trade between Russia and China in 2018 amounted to $ 108 billion - 24.5% more than in 2017
Russian Finance Minister Anton Siluanov  Daniil Aikin/TASS
Russian Finance Minister Anton Siluanov
© Daniil Aikin/TASS

SAINT PETERSBURG, June 6. / TASS /. Russian entrepreneurs can get new opportunities in the Chinese market under the trade restrictions between China and the United States, said Russian Finance Minister Anton Siluanov at the St. Petersburg International Economic Forum on Thursday.

"Any war is bad. As for Russia, if there are restrictions on trade, you need to occupy free niches. Our entrepreneurs get additional opportunities on the Chinese market," he said, while answering a question.

According to Russia's Federal Customs Service, the trade between Russia and China in 2018 amounted to $ 108 billion - 24.5% more than in 2017. During the year, exports from China to the Russian Federation increased by 8.7% to $ 52 billion. At the same time, the volume of imports of Russian goods to China during the same time grew by 44% to $ 56 billion. More than half of Russian exports to China accounted for the supply of mineral fuels, oil and petroleum products (74%). The main categories of imports from China to Russia are machinery and equipment (57%), textiles and footwear (11%), chemical products (10%), metals and products from them (7.6%).

The Chinese General Administration of Customs reported that the trade turnover between Russia and China from January to March 2019 increased by 4.2% year-on-year and reached $24.17 bln. According to the report, exports from China to Russia grew by 3.7% over the reporting period and amounted to $10.65 bln. Imports of Russian goods and services in China increased by 4.7% to $3.52 bln. In March, the volume of trade between the two countries reached $8.12 bln. At the end of 2016, trade between Russia and China grew by 2.2% year-on-year and reached $69.52 bln. In 2017, this figure increased by 20.8% to $84.07 bln, in 2018 - by 27.1%, exceeding $107 bln.

Since 2010, China has been Russia's largest trading partner (15.7% of the total turnover), while Russia occupies the 10th place on the list of China's partners (2.3%).

Chinese leader Xi Jinping is taking part in the SPIEF2019. Russia and China intend to sign about 30 agreements, including documents on cooperation in economy, trade, energy and investment.