China exports to Russia machinery catch up “Made in Germany”

China exports to Russia machinery catch up "Made in Germany"

Statistics show that “Made in Germany” in the list of machinery exporters, Russia from the original fourth, slipped to eleventh. Since 2012, Germany’s exports to Russia have been reduced by more than half.

Overall, China’s machinery exports in 2016 totaled 132.2 billion euros, up 3.9% from a year earlier. However, China’s exports to EU countries increased by only 0.4%. Exports to emerging countries have drastically decreased.

According to expert Monika Khorajah, China exported 31% of its machinery exports to Brazil last year, while its exports to Saudi Arabia dropped 27.4%.

In contrast, China’s annual export growth to Russia has reached an astonishing 70.3%. This shows that after Western countries imposed sanctions on Russia, China has given full play to an unexpected market space.

However, it is noteworthy that last year’s leap growth was achieved on the basis of a 23% decrease in 2015.

According to the statistics of the Chinese Customs and the Ministry of Commerce, the import and export volume between China and Russia in 2016 was 69.525 billion U.S. dollars, up 2.2% over the same period of last year. China has become Russia’s largest trading partner for six consecutive years. Chinese enterprises have invested over 14 billion U.S. dollars in direct investment in Russia’s non-financial sectors and continue to maintain their position as the fourth-largest source of investment in Russia.

At the meeting, Padalco, vice chairman of the Russian Chamber of Commerce and Industry, pointed out that in addition to energy cooperation, electromechanical and high-tech products have become new growth points for trade between China and Russia. Trade in machinery and technical equipment (mechanical and electrical products) between the two countries increased by 17% in 2016, while agricultural products Trade grew by 11%, and other non-energy and raw materials merchandise trade also showed signs of growth. This shows that the trade structure between the two countries is constantly being optimized.

In recent years, China’s investment in Russia has been growing rapidly.

At the meeting, Russian Deputy Minister of Economic Development Voskresensky said that Russia’s first investment cooperation committee led by Igor Shuvalov, the first Russian Deputy Prime Minister and Zhang Gaoli, the vice premier of the State Council of China, approved 66 A total investment of about 90 billion U.S. dollars, some of which have entered the research and implementation phase.

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