China’s General Administration of Customs released data on trade with Russia on Wednesday. The record has been broken, there has never been such a high level in history.
Sanctions and a blockade of Western markets for Russia over the attack on Ukraine forced the country to look for other partners. It turns out that the trade turnover between Russia and China in May reached a record level and amounted to 20.573 billion dollars. According to the General Administration of Customs of China, the volume of Chinese imports from Russia in May amounted to 1US$1.305 billionand export to Russia US$9.268 billion.
Russia trades with China
At present, China is Russia’s most important trading partner. January to May 2023 In 2018, the Sino-Russian trade turnover amounted to 93.806 billion US dollars., which means an increase of 40.7 percent. annually.
At the same time, in May, after two months of regular growth, China’s total foreign trade fell by 7.5 percent. Only imports fell by 4.5%. In March, Chinese leader Xi Jinping and Russian President Vladimir Putin reached an agreement to boost trade to $200 billion by the end of 2023.
Russia is afraid of China
In mid-April, a Russian report on trade contacts with China was leaked. According to EU officials who have seen it, Russia has painted itself into a corner. The Russians themselves are unable to produce advanced technology, and the only source of its acquisition is currently China. And this can lead to complete dominance in the market.
The Ministry of Digital Development, Communications and Mass Media of Russia fears that the domestic market will be dominated by Chinese companies such as Huawei or China Mobile, which could lead to a threat to information security on the network.
According to Russian officials, the electronics, networking and microchip sectors are particularly vulnerable to attacks.
Source: Wprost
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