Press releases about business, cryptocurrency, fintech and more news in Hong Kong and Asia

China exports to Russia grow for the first time in 5 months in July

BEIJING (REUTERS) – Chinese exports to Russia snapped four months of declines and grew robustly in July, while Russian shipments to China also held up well, official Customs data showed.

Shipments to sanctions-hit Russia rose 22.2 per cent in July from a year earlier in dollar terms, shaking off the decline of 17 per cent in June and marking the first growth since March, according to Reuters calculations based on Customs data released on Sunday (Aug 7).

Imports growth from Russia sustained an elevated pace at 49.3 per cent in July, though slower than the 56 per cent gain in June and the 79.6 per cent rise in May.

Russia is a major source of oil, gas, coal and agricultural commodities for China.

Amid the ongoing war in Ukraine, Russia was China’s biggest oil supplier in May and June as Chinese buyers cashed in on lower-priced supplies.

However, oil supplies loaded from Russian ports to China dropped to 21.3 million barrels in July, the lowest since February.

Russia invaded Ukraine on Feb 24, an intervention Moscow describes as a “special military operation”.

China has refused to condemn Russia’s actions and has criticised the sweeping Western sanctions on Moscow. Beijing also says it has not provided military assistance to Russia or Ukraine, but that it would take “necessary measures” to protect the rights of its companies.