Caixin
Aug 09, 2022 02:03 PM
ECONOMY

China Exports to Russia Boom in Return to Near Pre-War Highs

A gantry crane and containers at the Yangshan Deepwater Port in Shanghai on Tuesday, July 5, 2022. Photo: Bloomberg
A gantry crane and containers at the Yangshan Deepwater Port in Shanghai on Tuesday, July 5, 2022. Photo: Bloomberg

(Bloomberg) — Chinese exports to Russia are back near levels seen before the Kremlin’s invasion of Ukraine, propelling a rebound in trade that’s helped cool off a historic rally in the ruble.

Russia bought $6.7 billion of goods in July from China, an increase of more than a third from the previous month and up by more than a 20% annually. By contrast, its imports from Russia — which surged in March-May — rose only slightly last month after a drop in June, according to data from China’s customs authority.

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