China's exports to Russia see sharpest decline in months
China's exports to Russia, measured in yuan, saw their steepest decline since February, while imports also dropped sharply, falling by double digits after posting gains in July, Reuters reported on Sept. 8, citing Chinese customs data.
The news comes shortly after Russian President Vladimir Putin's visit to Beijing, where he attended a military parade and a major regional security summit. During the visit, Putin also held talks with Chinese President Xi Jinping on deepening Chinese-Russian cooperation.
China's exports to Russia fell 16.4% year-on-year in August, the sharpest drop in five months and adding to July's 8.6% decline, marking the fifth straight monthly contraction.
Imports slumped 17.8%, reversing a 4.4% increase in July.
The customs agency did not release a breakdown of goods traded with Russia on Monday.
Over the first eight months of the year, exports to Russia dropped 8.8%, while imports were down 8.2%. Bilateral trade totaled 1.03 trillion yuan ($145 billion) during the period.
China remains a crucial economic lifeline for Russia as it continues to purchase oil and provide dual-use technology despite claiming neutrality in the war against Ukraine.
During Putin's visit to China, Russia's state-owned energy giant Gazprom and China's CNPC signed a binding agreement on Sept. 2 to advance the Power of Siberia 2 pipeline, a project set to deliver gas from Russia's Yamal fields to China via Mongolia for the next 30 years.
Moscow and Beijing also agreed to boost deliveries through the existing Power of Siberia line from 38 to 44 billion cubic meters per year.
