Russia is increasing trade with China

© RIA Novosti / Sergey Goneeverything in potomacfever Putin and XI Jinping. Archival photoRussia is increasing trade with China© RIA Novosti / Sergey Goneeverything the image Bank

Russia at the end of this year could improve the position and become the 12th largest trading partner of China, said Russian Ambassador to China Andrey Denisov.

According to the General administration of China customs, the trade turnover between Russia and China in the first 11 months of 2017 have increased by 21.8% compared to the same period last year — to 76,06 billion dollars. Chinese exports to Russia for 11 months increased by 16.6% in annual terms, while imports from Russia — by 27.8%.

«What is 76 billion compared to the 11 months of last year? This is an increase of roughly 22%. It’s a pretty big number. We have every reason to expect that, in General, at year-end bilateral trade will reach $ 80 billion. This is a serious indicator. Thus Russia will become the 12th in the list of the largest trading partners of China. Last year we were 14-mi, so that the two positions we have moved up,» — said the Ambassador in an interview with Russian journalists.

He noted that among the trade partners of Russia, China undoubtedly holds first place.

The head of the Russian diplomatic mission added that Russian exports continue to be dominated by commodities, the share of finished products is very small.

«I do not belong to those who are inclined to worry about because raw specialization, if it is on a modern technical level, do not need to be ashamed, because, as they say, «who is what God gave, the themes and trades». But from the point of view of reflection of the technical level of the country as a trading partner, of course, would like to see more of our products with high degree of processing», — said the diplomat.

He reminded that last year Russia came in first place for the supply of oil to China, overtaking Saudi Arabia. This year the trend has continued. «At least for the first 11 months of steadily occupied the first place. With regard to coal, we came in third place, ahead of Mongolia last year, and has maintained that position this year», — said the head of the Russian diplomatic mission.

By the end of 2016, the turnover between Russia and China grew, according to Chinese data, by 2.2%, reaching 69,525 billion dollars in Chinese exports to Russia rose by 7.3% to 37,297 billion dollars, while imports from Russia fell by 3.1% — up to 32,228 billion dollars.

According to the Federal customs service, trade turnover between Russia and China at the end of 2016 amounted to 66.1 billion. China is the largest foreign trade partner of Russia.