China sharply reduced exports to Russia, while increasing imports

The volume of Chinese exports to Russia from late February to the end of May decreased by 38% compared to last year’s indicators, but imports from Russia have sharply increased and reached a record $ 10.3 billion. Such data are given in the study of the Institute of World Economy Peterson (PIIE) on the effectiveness of sanctions imposed on Russia in connection with the war in Ukraine.

According to data, PIIE experts analyzed data on 54 countries of the world, which in 2021 accounted for almost 90% of Russian imports. The study states that for the period from February 24 to April 30, the volume of exports to Russia from different countries has sharply decreased. According to the institute, export to Russia from countries that imposed sanctions against it, during this period fell by about 60%. And from countries that did not impose sanctions- about 40%. During the indicated period, only 3 out of 54 countries observed some increase in exports to Russia at least one month since the end of February, and these increase were insignificant. These three countries are Israel, Uzbekistan and Brazil.

Institute analyzed data on China until the end of May. Last year, China put a quarter of all the import of Russia, more than any other country. China’s export to Russia amounted to $ 73 billion. In February of this year, the institute notes, China said that it would continue normal economic relations with Russia, but by the end of May the exports of Chinese products to Russia fell sharply. The authors of the study believe that this may say that Beijing isware of helping Moscow so as not to lose access to American and European technologies and the markets where he sells his products. However, China does not completely refuse to trade with Russia, and its import from Russia beats records. At the same time, almost 80% of this import is oil and gas.