Russia's trade with the US plummets to a 3-decade low while its commerce with China surges past $200 billion
MIKHAIL KLIMENTYEV/RIA NOVOSTI/AFP via Getty Images
- Russia's trade with the US hit a 30-year low earlier this year amid Western economic sanctions against Moscow.
- Commerce between the two countries totaled $4.38 billion during January-October – down 70% from the year-earlier period.
- Meanwhile, Russia-China trade is set to hit an all-time high, totaling $218 billion in the 11 months through November.
The war in Ukraine is reshaping Russia's economic ties with the world.
The Eurasian nation's trade with the US plunged to a three-decade low in July, while its commerce with China has surpassed $200 billion this year and is on track to hit an all-time high.
According to the United States Census Bureau, the value of trade between Russia and the US totalled 277.3 million in July this year – the lowest since March 1993. That also marked a collapse of almost 90% from levels reported at the end of 2021, shortly before President Vladimir Putin ordered the invasion of Ukraine.
US-Russia trade totaled $4.38 billion in the first 10 months of 2023, a 70% slump from the same period of 2022.
American sanctions against Moscow in response to the Ukraine war have largely fueled the slide in bilateral trade, as the West seeks to economically isolate the Kremlin in retaliation for its aggression.
The measures have dealt a heavy blow to the Russian economy - with a crippling impact on its key energy trade - causing the nation's current-account surplus to plummet 85% during the January-July stretch of this year, from the same period of 2022.
One of the biggest new themes to emerge amid Moscow's struggles with Western sanctions is the nation's growing economic dependency on China – for everything from selling oil to buying consumer goods.
Trade between Russia and China totaled $218 billion during the first 11 months of 2023, surpassing a $200-billion goal for the year earlier than expected, Chinese customs data showed.
Russia is now the world's No. 1 buyer of Chinese cars, after western manufacturers such as General Motors, Ford, and Mercedes-Benz exited the country in response to the war.
Imports of Chinese cars saw a stunning 543% surge in the first half of this year to $4.6 billion in value, from the same period of 2022, the Russian news website RBC reported in July, citing figures from the Chinese customs department.
This article was originally published on September 20, 2023.
from Business Insider https://ift.tt/y5iVJPL
via IFTTT
Comments
Post a Comment