China’s General Administration of Customs reported its March trade on April 13. According to the statistics, Beijing’s overall trade with Moscow increased in March year-on-year, but its shipments to Russia slumped.
Chinese customs data showed the second-largest economy’s trade with Russia rose 12.76% in March to 11.67 billion dollars. However, China sold goods to Russia down 7.7% from 2021, with a total value of 3.8 billion dollars.
Despite this, trade growth with Russia in March almost tripled that with all countries and regions. China’s exports to all regions rose 3.77% to 504.79 billion dollars that month.
In the first quarter of 2022, total trade between China and Russia saw a significant increase of 30.45%, while its trade with all countries and regions jumped 13.45%.
Regarding trade balance, China keeps purchasing goods much more than selling to Russia, resulting in a trade deficit for two consecutive years. By contrast, its exports to other countries were much more than its imports from them.
China relies heavily on Russia for oil, gas, coal, and agricultural goods.
Former Finance Minister of Russia Alexei Kudrin stated on April 12 that Russia’s economy might shrink by more than 10% in 2022 due to increasing inflation and capital flight. This is the biggest drop in Russia’s GDP since 1991 when the Soviet Union was dissolved.
Under the effect of the Russia-Ukraine conflict, the World Trade Organization (WTO) on April 12 lowered its forecast for the world’s trade growth this year.