Experts Claims Significant Increase in China-Russia Trade
Growth of two-way trade between China and Russia has been picking up speed, and is most likely to reach the previously set goal of 80 billion U.S. dollars this year, Russian experts have said.
"Considering the seasonality, reaching 80 billion dollars is quite possible, especially if we take into account the fact that metal prices have increased very much in the last month, including in anticipation of a decline in Chinese output and closure of ecologically harmful and surplus production capacities", Alexander Gabuyev, head of the Russia in the Asian-Pacific program at the Carnegie Moscow Center.
According to China's General Administration of Customs, the import and export turnover between Russia and China in January-July 2017 amounted to 46.82 billion dollars, an increase of 21.8 percent year-on-year.
"Given the importance of raw materials in Russian exports, and if oil prices stay at the current level and metal prices remain high, then 80 billion will be achieved by the end of the year", Gabuyev said.
Meanwhile, statistics show that Russia’s non-resource exports to China are also growing, which in Gabuyev's opinion should be attributed to joint efforts of both governments to eliminate tariff barriers and improve infrastructure in order to promote the trade of food products.