Statistics

Sino-Russian trade up 50% in first 7 months

(Xinhua)
Updated: 2010-08-17 17:38

BEIJING - Trade between China and Russia in the first seven months of the year hit $30.7 billion, a 49.6 percent year-on-year increase, according to Chinese Ministry of Commerce data released on Tuesday.

Bilateral trade has overcome the negative impact of the global financial crisis and relatively fast growth has been achieved, ministry spokesman Yao Jian said at a press conference.

Yao said he expects Sino-Russian trade to return to its pre-financial crisis level this year.

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Machinery and electronic products accounted for a big share of bilateral trade, Yao said, adding that Russia's high-tech exports to China in the first half soared 174 percent.

During the first half, Chinese direct investment into Russia jumped 58.5 percent year-on-year while Russian direct investment into China increased 18.3 percent year-on-year, MOC figures show.

Yao said China and Russia have achieved breakthroughs in energy cooperation.

He added the two countries have begun to broaden their cooperation to include coal, electricity grid restructuring, offshore oil, high-speed rail, and energy conservation.