China-Russia Trade Grows Strongly

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Last updated at: (Beijing Time) Wednesday, October 02, 2002

China-Russia Trade Grows Strongly

Two-way trade between China and Russia saw strong growth from January to August and may possibly reach 12 billion US dollars for the whole year, an increase of 2 billion dollars over last year.

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Two-way trade between China and Russia saw strong growth from January to August and may possibly reach 12 billion US dollars for the whole year, an increase of 2 billion dollars over last year.

Figures released by the General Administration of Customs show that during the first eight months of the year, two-way trade between China and Russia reached 7.64 billion US dollars, up 14.4 percent on the same period last year.

The growth was mainly due to the increase in Russian exports to China, up 8.8 percent from the same period last year to reach 5.64billion US dollars. China's exports to Russia, although up 33.8 percent, added up to only 1.99 billion US dollars.

Trade and economic cooperation were a hot topic when leaders of the two countries met. The Chinese premier and Russian prime ministers noted at their regular meeting in Shanghai this year that such cooperation has been extended to a dozen areas ranging from the development of natural resources, nuclear energy, finance, space and biology to telecommunications and information technology.

Analysts attributed the rapid trade growth mainly to economic growth in both countries. The International Monetary Fund (IMF) predicted Russia's economic growth would reach 4.4 percent this year, and China's economy would grow at 7.3 percent.

Strong demands in both countries prompted the growth of trade. Russia is now China's eighth largest trading partner while China is the sixth largest trading partner of Russia.

China's main exports to Russia were textiles, footwear and headgear, hides and leather products, machinery and electronic products. China's leading imports from Russia were chemicals, petroleum, iron, steel, timber and aircraft.

Analysts said it is very possible that the two-way trade will double in the coming two to three years as the economies of China and Russia both become stronger and more open to the outside world.

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