BEIJING: Chinese exports to Russia snapped four months of declines and grew robustly in July, while Russian shipments to China also held up well, official customs data showed.
Shipments to sanctions-hit Russia rose 22.2 per cent in July from a year earlier in dollar terms, shaking off the decline of 17 per cent in June and marking the first growth since March, according to Reuters calculations based on customs data released on Sunday . Imports growth from Russia sustained an elevated pace at 49.3 per cent in July, though slower than a 56 per cent gain in June and a 79.6 per cent rise in May.Amid the ongoing Ukraine war, Russia was China's biggest oil supplier in May and June as Chinese buyers cashed in on lower-priced supplies.
However, oil supplies loaded from the Russian ports to the China dropped to 21.3 million barrels in July, the lowest since February.China has refused to condemn Russia's actions and has criticised the sweeping Western sanctions on Moscow. Beijing also says that it has not provided military assistance to Russia or Ukraine, but that it would take"necessary measures" to protect the rights of its companies.
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