China’s exports to Russia grow faster despite weakening demand elsewhere

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China’s exports to Russia grew 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 rose 34.6 percent from a year earlier in dollar terms, quickening from a 21.2 percent gain in September and marking the fourth monthly double-digit growth in a row, Reuters calculations based on Chinese customs data on Monday showed.

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That is in contrast to the falling demand for Chinese goods in Europe and the US as surging inflation, sweeping increases in interest rates worldwide and a global economic slowdown dented demand in major trading partners.

Imports from Russia soared 36 percent in October from a year ago, though that was slower than the 55.2 percent growth posted in September, and held up well despite China’s existing COVID-19 curbs and sluggish domestic demand.

As Western nations have shunned Russia, China’s senior diplomat Wang Yi said in a telephone call with his Russian counterpart Sergei Lavrov in late October that China is willing to deepen its relationship with Russia at all levels, and any attempt to block the progress of the two nations would never succeed.

Bilateral trade surged to $153.94 billion in the January-October period, up 33.1 percent from a year earlier.

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