Exports from China to Russia experienced a significant decline of 16.4% in August compared to the same month last year, marking the largest drop since February, according to a report by Reuters, citing data from China’s customs authority.
In August, China’s exports amounted to $8.55 billion, which is a decrease of 5.8% from July. Concurrently, Russian exports to China also saw a notable decrease, dropping by 17.8% year-on-year to $9.35 billion, and down 6.9% from the previous month, as reported by the Russian news agency TASS.
The total trade volume between the two countries for August fell to $17.9 billion. From January to August, China’s exports to Russia diminished by 8.8% to $64.8 billion, while imports from Russia decreased by 8.2% to $79 billion, resulting in an overall trade reduction of 9.4% to $143.8 billion during these eight months.
Russia’s Minister of Industry and Trade, Anton Alikhanov, stated in late August that sanctions and market saturation are starting to hinder the previously strong trade growth with China, curbing the rapid expansion seen since the full-scale invasion of Ukraine.
Additionally, the recent drop in Chinese exports occurs amid ongoing trade tensions between Beijing and Washington, which agreed in early August to prolong a temporary suspension of tariffs for an additional 90 days.
