China’s Q1 imports from Russia grew fastest among major trade partners

Source:Global Times Published: 2020/4/23 17:23:40

A plane carrying Chinese medical experts is seen at the airport in Harbin, northeast China's Heilongjiang Province, April 11, 2020. A team of 10 Chinese medical experts departed from Harbin, capital of northeast China's Heilongjiang Province, for Russia Saturday morning to help with its fight against the COVID-19. Photo:Xinhua



China-Russia trade bucked a global declining trend in the first quarter despite the onslaught of the COVID-19 pandemic on global trade and investment.

The trade volume between China and Russia from January to March rose 3.4 percent year-on-year to $25.35 billion, said Gao Feng, spokesperson for the Ministry of Commerce (MOFCOM), on Thursday. 

Gao noted the growth rate is the second highest between China and its major trading partners in the first three months this year, showing the "resilience and potency" of China-Russia trade. In particular, China's imports of Russian goods hit $16.2 billion, rising 17.3 percent year-on-year.

Gao made the remarks when asked about the prospects of China-Russia trade in 2020, given the impact of the pandemic. 

China's exports to Russia fell 14.6 percent year-on-year to $9.15 billion due to disrupted industrial production and foreign exchange rate fluctuations in the first quarter, according to MOFCOM.

Gao warned of the delayed impacts of the pandemic and global oil price collapse could shortcut bilateral trade later.

Russia was China's 10th largest trading partner in 2019, and the bilateral trade volume has exceeded the $100 billion mark for two consecutive years since 2018.

Gao said the two sides' cooperation in energy and the chemical industry, aeronautics and aerospace, equipment manufacturing, e-commerce, scientific innovation, bio-tech and pharmaceuticals has continued to move forward. 

"The pandemic's impact is temporary, and the fundamentals of bilateral cooperation are still promising," noted Gao.



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