China's exports to Russia fall for first time in four months

China's yuan-denominated exports to Russia have fallen at a double-digit pace over November, sharply deteriorating from a 24% increase in October and marking the first drop in four months.

Source: Reuters with reference to Chinese customs data

Details: Last month, outbound shipments to Russia fell by 10.5% year-on-year, the first drop since July.

Imports from Russia fell 7.4% in yuan last month, worsening after a 4.3% drop in October.

It was noted that the customs department had not provided a breakdown of goods sold to or bought from Russia.

Kremlin leader Vladimir Putin said on 4 December that the main problem in Russian-Chinese trade is mutual payment settlements, and the central banks of both countries are working to resolve this issue.

Background:

• China's TPV Technology plant in Russia has stopped producing TV sets from Philips, Sony, Sharp and other brands.
• China's fourth largest bank by assets, Bank of China, has begun to block yuan transfers from countries that Russia uses to purchase goods more frequently.

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