China`s exports fall in June, but Russian foreign exchange surges
The impact of the global economic slowdown on China is evident in the country’s export figures for June, which dipped by 0.6% - the first time they have fallen this year.
According to the official news agency Xinhua, the reduction is mainly attributable to the slowdown in the economies of China's largest trading partners, Japan and the USA – a situation which had ‘seriously impacted’ on trade levels.
Separate statistics also released by China's customs bureau show that foreign trade continued to increase in the first half of the year, but the growth in exports fell. The growth in imports outstripped the growth in exports, resulting in the surplus falling from $4.16 billion to $8.8 billion. In the first six months of the year, the total volume of foreign trade reached $241 billion – up 11.3% year on year. Exports in volume terms reached $124.6 billion dollars from January to June - an increase of 8.8% over the same period last year. Imports reached $116.4 billion – an increase of 14% over the same period the year before.
A particular increase was noted in trade with Russia, which climbed by a massive 43.4% to $3.79 billion in the first five months of the year. Of the total, China's exports to Russia constituted $870.5 million dollars - up 22.2% year on year - with Russia’s trade surplus with China coming at $2.9 billion dollars – up 51% year on year.
China's main exports to Russia included footwear, grain, machinery and electronic products, Xinhua said, with aluminium, fertiliser, refined oil, timber, paper pulp and frozen fish making up the bulk of the flow in the opposite direction
