China’s exports to Russia surge 15.7% in September, fastest in 9 months | World News

China’s exports to Russia grew 15.7 per cent in September from a year earlier, the fastest pace in nine months and up from a 10.1 per cent gain a month prior, Chinese customs data showed on Monday, following fresh agreements to expand economic cooperation.

 

By contrast the data, in yuan terms, showed that imports from Russia fell 9.2 per cent last month from a year earlier, compared with a 1.1 per cent drop in August, following reports Russian exporters were struggling to process payments with Chinese buyers.

 

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In late August, China and Russia signed cooperation agreements in areas such as investment, cross-border cargo transportation and science and technology, during a visit to Moscow by China’s second-ranking official Premier Li Qiang.

 

“Bilateral trade has maintained a momentum of growth,” Chinese state media cited Li as telling Russian Prime Minister Mikhail Mishustin at the time.

“We are confident and also hopeful about further deepening the all-around and mutually beneficial cooperation between our two countries.” Chinese carmaker Chery has started assembling cars in Russia at three factories vacated by Western rivals, Reuters reported on Thursday.

 

Trade between China and Russia rose 2.7 per cent in value terms in the first nine months of the year from the same period a year earlier, reaching 1.28 trillion yuan or $180.3 billion.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)