The trade turnover between the Russian Federation and China increased by 27,8% in January-November period

On Saturday General Customs Administration of China published the report about the turnover results. The trade turnover between Russia and China grew by 27,8% to $97,23 billion in January-November of the current year.

The volume of exports from China increased by 12% and exceeded $43,45 billion over this period. Imports of Russian goods and services in China rose by $44,3% – to $53,78 billion. In November the two countries’ trade amounted to $ 9,9 billion.

At the end of 2016 the volume of trade between Russia and China grew by 2,2% in annual terms and reached $69,52 billion. In 2017 this figure increased by 20,8% in annual terms, to $84,07 billion.

Can Russia and Europe find common interest?

Lately Russian authorities have been talking about dedollarization a lot. The European Union’s desire of strengthening the role of the euro coincides with Russia’s intention to reduce dependence on the dollar. Russia and the EU have close economic ties and opportunity to increase trade in Euro. Unfortunately two main obstacles stand in the way of increasing the share of euro transactions between them.

The first difficulty is existing order to carry out most of oil trade in Dollars and there is no possibility to change it quickly. The second obstacle is the low liquidity of the euro/ruble pair, especially considering the ruble course drop after Western sanctions.

“Russia and the EU are on the same side in this issue [pricing and energy trading in the euro],” said Thierry Bro – RBC senior scientist at the Oxford Energy Research Institute. At the same time, he noted that the European Union will be able to promote commodity trading in Euro more effectively without the UK in its composition.

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