Russia continues to increase its supply of raw materials to China. In the first half of the year, 90 percent of exports were natural resources.
This is evident from data from the Chinese customs services, quoted by the Russian economic daily Vedomosti, in the period from January to June this year. From the Russian Federation, goods with a record value of 65.2 billion dollars were sold to the Chinese market – 4%. more than a year earlier. At the same time, almost 90 percent of exports were natural resources.
Customs data show that three-quarters of Russia’s shipments to China were crude oil, petroleum products and gas. In six months, oil companies sold 55.1 million tons of black gold to Chinese refineries – up 5 percent from last year. more than a year ago. The average price of this oil rose 9 percent to $80.3 a barrel.
Revenue from the sale of gas pumped by Gazprom to China via the Power of Siberia pipeline rose 17% to $4 billion. The gas pipeline, built in 2019, is scheduled to reach its planned capacity of 38 billion m3 next year. Moscow plans to supply Beijing with 30 billion m3 of gas via the pipeline by the end of 2024.
Not just gas and oil. What is China buying from Russia?
In addition, China bought $1.7 billion worth of timber, $2.3 billion worth of metal ores, and $1.8 billion worth of aluminum and aluminum products from Russia.
In addition to minerals and metals, fish ($1.3 billion) and vegetable and animal oils ($1 billion) were sold from the Russian Federation to China. However, deliveries of these goods fell by 11 and 32 percent, respectively.
Senior executives representing several major Russian exporters told Bloomberg that after U.S. sanctions were tightened in late 2023, receiving payments from China, even in yuan, has become extremely difficult and in some cases impossible. The agency’s sources said the payment freeze hit metal producers, agricultural companies and other industries.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
