RT.com
08 Dec 2022, 00:13 GMT+10
Trade turnover between the two countries has reportedly jumped by 32% compared to last year
Trade between Russia and China has soared this year, reaching a record $172.4 billion between January and November, according to data from China's General Administration of Customs, released on Wednesday.
It represents a 32% increase compared to last year's figures. Data shows that, in November alone, trade turnover between the two countries reached $18.2 billion.
China exported $67.3 billion worth of goods to Russia during the reporting period, an increase of 13.4% compared to the same period in 2021, while shipments from Russia to China surged by 47.5% to $105.072 billion.
Commerce has been benefiting from Beijing's increased purchases of Russia's energy commodities. In response to Western sanctions, Moscow offered discounts on its fossil fuels to secure new buyers, and Beijing has been taking advantage of those discounts over the past several months.
Chinese imports of Russian coal between January and October surged to 53 million tons, making Russia its second-largest coal supplier after Indonesia. Beijing has also been stocking up on Russian oil, with imports surging 9.5% to nearly 72 million tons in the first 10 months of the year.
Moscow and Beijing had previously set a goal of increasing mutual trade to $200 billion by 2024. Beijing's ambassador to Moscow recently noted, however, that turnover could hit that level later this year.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationTOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...
IRVINE, California: In an effort to cut costs in preparation for an industry-wide price war, electric vehicle manufacturer Rivian Automotive, ...
SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...
WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...
OSLO, Norway: Ending a three-year run of profits as stock and bond prices were hit by rising inflation and Russia's ...
NEW YORK, New York - Strong economic data failed to stem profit-taking on the major U.S. bourses on Friday, while ...
PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...
OSLO, Norway: Ending a three-year run of profits as stock and bond prices were hit by rising inflation and Russia's ...
Nearly a year in, the war in Ukraine has cost tens of thousands of lives and brought the world to ...
DUBLIN, Ireland: An estimate by senior civil servants claims that Ireland could be hosting 180,000 refugees by the end of ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
TRIPOLI, Libya: Italian prime minister Giorgia Meloni held talks on energy and migration in Libya this weekend, which are major ...