Russia's economy has little to offer China, and their growth in trade is more modest than it appears, analyst says
" partnership between Moscow and Beijing, China is reluctant to increase trade with Russia, according to Agathe Demarais, global forecasting director at the Economist Intelligence Unit., she pointed to drawbacks about Russia's economy that limit deeper cooperation between the two allies, who have set a goal of $200 billion in trade this year.
Although China's exports to Russia rose by 12.8% in 2022, Demarais pointed out that's due in part to currency fluctuations and it lags trade growth with non-allies. For example, China's exports to Australia and India jumped by about 20% last year. Meanwhile, Russian exports to China are also less striking than they appear, Demarais said. While exports surged, that's due in part to a jump in commodity prices, such as oil. And the total volume of imports remains modest. Imports from Russia make up just 4% of Chinese trade, similar to volume from Malaysia.
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