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Chinese exports to Russia rise near pre-war levels

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Russia it bought $6.7 billion of goods in July from China, an increase of more than a third from the previous month and more than 20% year over year. By contrast, its imports from Russia, which increased between March and May, rose only slightly last month after a drop in June, according to data from the customs authority of China.

Chinese products are filling the niche left by the exodus of Western brands after the war with Ukraine triggered sweeping financial and trade sanctions against China. Russia.

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Isolation has catapulted products like vehicles made by companies like Great Wall Motor Co. Y Geely Automobile Holdings Ltd. to the list of best-selling cars in Russiamore than doubling its market share from last year.

The revival of demand for Chinese exports is manifesting itself in the foreign exchange market. Trading volumes for the yuan-ruble pair rose to their highest level last month as local demand for the Chinese currency increased.

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With consumer spending Russia On the mend, inflows of foreign goods are taking some pressure off the ruble by reviving demand for hard currency. In July, the ruble was the worst performer in emerging markets with a 13% loss against the dollar.

Rising commodity prices from Russia, combined with collapsing imports, had contributed to a foreign exchange surplus that boosted the ruble.

Still, the growth in sales of Russia a China has started to lag behind. After the diversion of crude from Russia a Asia from European customers, oil shipments to China are down from their post-invasion peak.

Source: Gestion

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