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

Oleksii Artemchuk — Tuesday, 10 December 2024, 13:24

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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