Russia-China Trade at $59b
World Economy

Russia-China Trade at $59b

Russia’s recent trade figures show strengthening ties eastwards, not westwards. Trade with the 28-nation European Union declined 3.2 percent from the same period last year, whereas trade with China increased by 3.4 percent.
The EU remains Russia’s biggest trading partner and made up half of all trade worth $263.3 billion in the first half of 2014, but China remains the strongest single trade partner at $59.1 billion, Russia’s statistics bureau announced, RT reported.
China is Russia’s second-biggest trading partner after the EU, and total trade between the two was nearly $89 billion last year, and is on track to hit the $100 billion target for 2014.
Net trade between Russia and China beat Europe’s biggest economies like the Netherlands ($52.1 billion), Germany ($46.7 billion), Italy ($34.3 billion), and France ($13 billion).

 Strengthening Ties
Within the EU, Russia has strengthened relations with Latvia by 27 percent, Belgium by more than 15 percent, and the Czech Republic by nearly 12 percent. Trade with Switzerland took a major nose dive, dropping 36.3 percent compared to last year’s figures.
Russia-China trade has been rising fast since Moscow decided to pivot towards the expanding world’s second largest economy and largest by some economic indicators. China and Russia expect trade between the two neighbors to reach $200 billion by 2020.
Trade with South Korea increased 16.3 percent compared to figures from the same period last year, and is now worth $18.5 billion.
Trade with Kazakhstan and Belarus have has been strategically growing since the development of the Eurasian Customs Union, which will come into full force on January 1, 2015.
Shaky relations with Ukraine are apparent in trade turnover, which has dropped about 12 percent since the same period in 2013 to only $21.9 billion. However, trade increased between the US and Russia by 17.7 percent to $20.5 billion, even as relations deteriorated over Ukraine.

Short URL : http://goo.gl/ayptaQ

You can also read ...

Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...