Published: Mon, January 14, 2019
Finance | By Loren Pratt

Russia’s trade with China surges to more than $107 billion

Russia’s trade with China surges to more than $107 billion

"In dollar terms, China's total foreign trade in 2018 was $4.62 trillion, which is 12.6 percent more than in the previous year", the spokesman said.

Customs data released Monday show exports rose 11.3 percent to $478.4 billion despite President Donald Trump's punitive tariffs in a fight over Chinese technology ambitions.

In 2017, the trade difference between the two world's largest economies was $275.8 billion in China's favor. At the same time, China's imports from Russian Federation grew by 42.7 percent, reaching $59.08 billion.

"China's foreign trade has developed in a steady manner with progress witnessed, reaching a record high in import and export volume", said Li Kuiwen, spokesman for the customs administration. That reflects the impact of Beijing's retaliatory tariffs and encouragement to importers to buy more from non-U.S. suppliers.

The surplus surged despite the Trump administration imposing tariffs on almost $250 billion of goods made in China. Russian Federation is now ranked as China's tenth biggest trade partner.

Traditionally China imports vast quantities of American soybeans in the second half of the year, long making it the most valuable import from the US.

The country's commerce minister told state media on Friday that China will work to straighten out trade frictions with the U.S. this year.

The cost of producing goods in China's factories slowed sharply in December, a sign demand remains weak, while consumer inflation also flagged.

Renewed fears over the strength of the global economy piled pressure on stock markets and commodity prices this morning after China revealed a sharp drop in exports.

Last year's trade surplus was $352 billion, the figures showed.

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