China’s March trade with Russia rises over 12 percent from year earlier

Overall trade with Russia increased 12.76 percent in March to $11.67 billion. (Shutterstock)

BEIJING: China’s overall trade with Russia rose by more than 12 percent in March from a year earlier in dollar terms, in sync with previous gains, even as Beijing criticized Western sanctions on Russia following its invasion of Ukraine.
Overall trade with Russia increased 12.76 percent in March to $11.67 billion and jumped 30.45 percent in the first quarter from the same period last year, Chinese customs data showed on Wednesday.
The gains in total trade — comprising the values for both exports and imports — were in line with previous increases, with Russia a major source of oil, gas, coal and agriculture commodities for China.
Russia invaded Ukraine on Feb. 24 in a move that Moscow described as a “special military operation” needed to defend Russian-speaking people in Ukraine.
Beijing has refused to call Russia’s action an invasion and has repeatedly criticized what it says are illegal Western sanctions to punish Moscow.
Several weeks before the attack on Ukraine, China and Russia declared a “no-limits” strategic partnership. Last year, total trade between China and Russia jumped 35.8 percent to a record $146.9 billion.
As sanctions against Russia mount, China could offset some of its neighbor’s pain by buying more. But analysts say they have yet to see any major indication China is violating Western sanctions on Russia.
China’s economic and trade cooperation with other countries including Russia and Ukraine remains normal, customs spokesman Li Kuiwen said at a news conference.
Russia’s economy is on course to contract by more than 10 percent in 2022, former finance minister Alexei Kudrin said on Tuesday, hit by soaring inflation and capital flight.
The World Trade Organization on Tuesday revised down its forecast for global trade growth this year because of the impact of the Russia-Ukraine war.