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Sino-Russian trade rises 3.4% in 1st quarter
May 8, 2014, 7:47 am

Putin will meet his Chinese counterpart next week in Shanghai where the two leaders are expected to hold strategic talks to boost growing ties [Getty Images]

Putin will meet his Chinese counterpart next week in Shanghai where the two leaders are expected to hold strategic talks to boost growing ties [Getty Images]

Ahead of Russian President Vladimir Putin’s trip to Shanghai next week, China on Thursday released encouraging new data that said Sino-Russian trade turnover for the January-April 2014 period increased by 3.4 per cent compared with the first four months of 2013 and amounted to $29.05 billion.

China’s General Administration of Customs said Thursday that Chinese exports to Russia grew in the first four months of 2014 by 4 per cent year-on-year, reaching $14.56 billion, the import of Russian goods to China increased by 2.8 per cent to reach $14.49 billion.

China’s total foreign trade declined in January-April 2014 by 0.5 per cent on an annualized basis, down to $1324 trillion. The exports from China fell by 2.3 per cent to $679.78 billion, Chinese imports increased by 1.4 per cent, amounting to $644.54 billion.

Even as the US and EU try to isolate Russia on the Ukraine issue, Beijing has been cementing its business ties with Moscow.

While exchanging New Year greetings at the beginning of this year, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping have vowed better ties between the two allies in 2014.

Putin will meet his Chinese counterpart next week in Shanghai where the two leaders are expected to hold strategic talks to boost growing ties. The two will also meet in the Brazilian city of Fortaleza in July during the 6th BRICS Summit.

China and Russia are expected to ink a 30-year deal to supply pipeline gas to China during Putin’s visit.

The two sides are expected to work on increasing oil supply, promote the Tianjin refinery construction, construction of a pipeline to carry 38 billion cubic metres (bcm) of gas a year, said Zhang.

Russia is looking eastwards for energy exports due to the slowing demand from Europe as well as the standoff with the EU over Ukraine.

 

 TBP and Agencies

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