Russia is facing a fresh economic nightmare after new figures revealed its exports to China plunged by nearly 10% at the beginning of this year. The export of goods, including fuel, wood and food, fell by 9.1% between January and April to $40.31billion (£30.29billion), according to a report.
Overall trade between the two countries dropped by 7.5% during the same period year-on-year to $71.12 billion, the General Administration of Customs of China stated. The export of Chinese products to Russia, meanwhile, fell by 5.3% to $30.81 billion, figures suggest. The Russian news agency TASS reports that the majority of goods supplied to China according to their value are oil, natural gas and coal. Other materials include copper and copper ore, timber, fuel and seafood. The country led by Xi Jinping, who joined Vladimir Putin during Moscow’s Victory Day parade on Friday, exports a wide range of products to Russia.
These include cars, tractors, computers and smartphones, as well as industrial and specialized equipment.
In addition, there are children’s toys, clothing and footwear that are transported.
The Kremlin announced on Tuesday that Putin will travel to China at the end of August.
Xi Jinping claims to be taking a neutral position on Russia’s invasion of Ukraine, but China has backed the Kremlin’s contentions that Russia’s action was provoked by the West.
It also continues to supply key components for weapons production.
In the face of western sanctions, it is thought that China’s increased trade with Russia has meant the country has been able to mitigate some of the worst potential effects.
Moscow has also focused on exporting energy to China and has relied on firms from the country to import high-tech components for military industries.
Sir Keir Starmer said yesterday that support for Ukraine is the “absolute focus” of Britain and its northern European allies as he attended a military summit in Norway.
The UK Prime Minister met counterparts at a Joint Expeditionary Forces (JEF) leaders’ gathering in Oslo on Friday, during which Volodymyr Zelensky also spoke virtually.
They have demanded that Russia accepts a full 30-day unconditional ceasefire, as proposed by US President Donald Trump.