China increased its trade with these two countries in the first quarter of the year, despite the war between Russia and Ukraine, which started in late February and continued throughout March.
While China increased its trade with the two countries in yuan, the Beijing administration stated that economic cooperation with both countries remained at normal levels.
According to the data, the country’s trade volume with Russia in the first quarter was recorded as 243.03 billion yuan (38.18 billion dollars). Thus, an increase of 27.8 percent was observed compared to the same period of the previous year.
Trade with Ukraine increased by 10.6 percent to 29.6 billion yuan ($4.65 billion).
While the Beijing administration refrains from using the concept of “occupation” for Russia’s operation in Ukraine, it also criticizes the sanctions of Western countries against Russia.
Closure effect on total imports
Total imports in China decreased in March due to the ongoing lockdown measures in the country. On the export side, an increase was recorded with the support of the recovery in global activity.
According to the data in Yuan, exports increased by 13.2 percent year-on-year in March. Economists participating in the Bloomberg survey expected the increase to be 12.4 percent.
Imports decreased by 1 percent in the same period.