China exports to Russia increase faster pace in October

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China exports to Russia increase faster pace in October

BEIJING: China's exports to Russia increased at a faster pace in October despite the ongoing Russia-Ukraine war, weakening demand in other major economies and global recession risks, while growth in imports from Russia slowed from the previous month.

Shipments of Chinese goods to Russia increased by 34.6 per cent from a year earlier in the year, from a 21.2 per cent gain in September and marking the fourth monthly double-digit growth in a row, according to Chinese customs data on Monday, and the fourth monthly double-digit growth in a row.

That is a contrast to the falling demand for Chinese goods in Europe and the United States as rising inflation, sweeping increases in interest rates worldwide and a global economic slowdown have resulted in a drop in demand for Chinese goods in major trading partners.

Imports from Russia increased by 36 per cent in October from a year ago, though it was slower than the 55.2 per cent growth in September and held up well despite China's existing COVID 19 curbs and sluggish domestic demand.

As Western nations shunned Russia, Wang Yi said in a phone call with Russian counterpart Sergei Lavrov in late October that China is willing to deepen its relationship with Russia and that any attempt to block the progress of the two nations would never succeed.

In January-October, bilateral trade increased to US $153.94 billion, up 33.1 per cent from a year earlier.