China-Russia Trade Suggests Impact of US Sanctions as Exports Decline, Imports RiseGroupLayout:

According to recent data released by China’s Customs Administration, China’s yuan-denominated exports to Russia decreased for the second consecutive month in April, dropping by 10.8% when compared to the previous year. This figure is higher than the 13% decrease recorded in March. In contrast, imports from Russia experienced a surge in April, with growth reaching 23%, representing a faster pace than the 12.3% rise observed in March. The overall two-way trade between the nations reached 543.7 billion yuan ($75.25 billion) during the initial four months of the year, reflecting a 7.9% increase when compared to the figures from the previous year. Notably, this data may indicate that U.S. Sanctions against Russia, which were implemented in response to Russia’s invasion of Ukraine in 2022, might be affecting bilateral trade between Russia and China. Reuters reported last week that this trend is causing difficulties for small Chinese exporters, based on interviews with seven traders and bankers who have experience in the sector. Russia’s President Vladimir Putin announced plans to travel abroad for the first time since being reappointed for a sixth term in April, with China expected to receive him in May. When converted into dollars, China’s export figures showcased a decrease of 14% for April, while imported products from Russia rose by 19%. ($1 equaling 7.2250 Chinese yuan) (Reporting by Beijing newsroom, Edited by Shri Navaratnam).