Taiwan's Trade with Russia Up 23 Percent

Taiwan's bilateral trade with Russia increased 23 percent in 2000, with a surplus of US$1.57 billion in the island's favor, according to reports reaching here from Taipei Wednesday.

Taiwan's imports from Russia totaled 1.38 billion dollars while its exports amounted to 190 million dollars last year, a local official was cited as saying.

Taiwan imported mainly raw materials from Russia, with steel imports accounting for one billion dollars of the total. The island's exports to Russia were mainly electronic products, machines and machinery tools, the official added.

Meanwhile, Taiwan's Chinese Petroleum Corp. has been negotiating with Russia to import crude oil from Sakhalin Island in the Russian Far East, he said. However, because Russia has used up its quota for the current year, the two sides are reportedly maintaining communication for a future deal.

The official suggested that Taiwan businessmen who are thinking of venturing into Russia should aim at the trade sector, which is simpler to manage, instead of making business investments.

People's Daily Online --- http://english.peopledaily.com.cn/