July 16, 2024

Trade turnover between Russia & China tops pre-pandemic figures despite traffic jams at border crossings

Exports to the Russian Federation in 10 months increased 30.6%, to about $52.9 billion. Imports of Russian goods and services to China grew by 31.2%, to $62.76 billion.

Also on rt.com Russia-China trade to smash all-time high this year despite Covid pandemic – Russian Export Center

In October alone, the volume of trade between the two countries reached $13 billion.

Trade between Russia and China in the reporting period already surpassed the figures for the whole of pre-pandemic 2019, when it was around $110.75 billion. The indicator slightly dropped in 2020 due to the Covid-19 pandemic, decreasing by 2.9% to $107.76 billion.

The growth in trade between the two countries comes amid continuing difficulties at the border. Crossing procedures introduced by Beijing at the height of the pandemic last year require that all trucks crossing into China drop their empty trailers for loading on the Chinese side and return to Russia, then go back to pick up the loaded vehicle.

Also on rt.com Russia helps China overcome energy crisis by boosting electricity exports

Russia requires that the trailer be picked up by the same truck which took it to the border. This means that one truck has to cross the border four times, which has led to long lines at the border crossing terminals, reportedly numbering up to 1,000 trucks. 

Chinese authorities this week asked Russia to conduct a detailed check of the crossing procedures and revise the way trucks with trailers cross the border, as idle time brings daily losses and affects transportation costs. China hopes Russia will switch to a cargo transportation system like the one at a checkpoint between China and Kazakhstan in Xinjiang, which allows any truck to pick up a loaded trailer.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/539572-trade-turnover-russia-china-pre-pandemic-high/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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