According to China’s tariff data, China’s trade with Russia grew by more than 12% in March, surpassing Beijing’s trade growth with the rest of the world.
Shipments to Russia rose 12.76% to $ 11.67 billion in March, Chinese customs data showed Wednesday, slowing from a 25.7% increase in February, when Russia launched an invasion of Ukraine.
The collapse of trade with Russia was less serious than the collapse with other countries, raising concerns that China maintains strong ties with Moscow despite the atrocities committed by Russian military forces in Ukraine.
In March, China’s trade growth with the rest of the world was only 7.75%, after which it increased to $ 505 billion.
Beijing has denied the allegations in a statement issued Friday stating “Similar, baseless allegations concerning Russia’s intelligence have been made more than once.
In the weeks leading up to the invasion of Ukraine, China and Russia announced a “no-border” strategic partnership, with no restricted areas for cooperation. Last year, total trade between China and Russia rose 35.8% to a record 7 147 billion.
As sanctions against Russia escalate, Western nations fear that China could buy more from it to ease some of its neighbors’ pain. Russia is China’s main source of oil, gas, coal and agricultural products.
But analysts have told Reuters they have not yet seen any major indication that China is violating Western sanctions on Russia.
Chinese Customs spokesman Li Qianwen said China’s economic and trade cooperation with other countries, including Russia and Ukraine, was normal.
A group of German policy institutes says Germany could sink into recession if Europe’s largest economy is forced to cut off Russian gas imports. Following the European Union’s complete embargo on Russian power, German GDP will shrink by 2.2% next year, eliminating more than 400,000 jobs, according to revised estimates of German GDP growth over the next two years.
The EU agreed last week to ban coal imports from Russia from August. The German chancellor, Olaf Schulz, is under pressure to agree to tougher measures, including a ban on gas imports. Germany is dependent on Russia for 40% of its gas imports.
Research institutes predict that if all energy supplies from Russia were cut off immediately, growth in Europe’s largest economy would slow sharply to 1.9% this year from 2.9% last year before it contracted in 2023.
They said: “If supplies are cut off, the growing GDP loss in 2022 and 2023 could be around 220 billion euros. [£180bn]”
Without a ban on energy imports from Russia, the institutes say that this year’s increase will be 2.7% compared to the previous estimate of 4.8% made last autumn.
The German government has said it is working to reduce that dependence, but has said it will take time for Russia to withdraw its gas completely and opposes cutting off supplies.