China-Russia Trade at its Highest Since Start of Ukraine War

China’s two-way trade with Russia rose in June to its highest level since the Ukraine war started, Chinese customs data showed on Thursday, at a time that both of the neighbors have described their relations as at a new high. 

Bilateral trade value surged to $20.83 billion in June, the highest since February 2022, according to the data by the General Administration of Customs, despite slowing global demand and rising geopolitical risks. 

China’s imports from Russia rose 15.7% to $11.28 billion, faster than a 10% increase in May. China has been buying discounted Russian oil, coal and some metals. 

Outbound shipments to Russia soared 90.9% last month to a total of $9.55 billion, slower than a 114% growth registered in May.  

The Chinese customs agency did not release a breakdown of the data on Thursday.  

According to analytical agency Autostat, six of the top 10 brands by market share in Russia’s auto industry are Chinese, such as Haval, Chery and Geely, which have filled a vacuum left by departing Western firms. 

China’s President Xi Jinping on Monday pledged to continue working with Russia to develop a comprehensive strategic partnership of cooperation. 

The Kremlin said on Wednesday that a visit by President Vladimir Putin to China was on the agenda, adding that it was a good time to maintain the good relations between their countries.  
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