Chinese-Russian Trade Grows 2.2% in 2016 - Customs Data

Trade between Russia and China grew 2.2 percent in 2016 and came to $69.525 billion, the latest data by China's General Administration of Customs showed on Friday.

BEIJING (Sputnik) – The rise in trade has been driven solely by Chinese exports to Russia, which grew 7.3 percent and came to almost $37.3 billion, while imports from Russia fell 3.1 percent with China buying $32.228 billion worth of Russian products, according to customs data.

In December alone, bilateral trade turnover was $7.17 billion, with China exporting $3.947 billion worth of products and importing $3.216 billion worth of products from Russia.

The rise in trade comes despite a general downturn in China's foreign trade, which fell 6.8 percent in 2016, with exports falling an even bigger 7.7 percent. China’s total trade also fell in 2015 as the yuan lost value and the country’s economic growth slowed down to the lowest rate in over 25 years, prompting the national government to announce economic reforms.

Russian-Chinese trade revived in 2016 after a decline in 2015. The two countries have been working on improving transport and postal service links as well as looking into ways of integrating various regional economic initiatives. In June, the sides agreed to start formal talks on coupling the Russia-led Eurasian Economic Union (EAEU) and China's pan-Eurasian One Belt, One Road initiative.

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