China monopolises Russian import car market
In the first eight months of 2023, the share of Chinese cars in Russian imports reached 92%.
Source: The Moscow Times, citing a statement by Ruslan Davydov, the acting head of the Federal Customs Service of the Russian Federation.
He says trade with China has "grown very strongly", while the EU's share of trade with Russia continues to decline.
For example, in the first six months of 2023, the volume of passenger car exports from China to Russia amounted to US$4.6 billion, which is 543% higher than in the same period in 2022.
After the outbreak of the full-scale war in Ukraine, all global car makers stopped production in Russia. Subsequently, most of them sold their assets and left the country. In addition, official deliveries of new cars stopped.
Background:
In the first five months of 2023, Chinese automakers exported more cars to Russia than anywhere else, filling the void left by global manufacturers who left the Russian market due to its invasion of Ukraine.
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