China-Russia Trade to Jump Up to 30% This Year on Energy, E-Commerce, Expert Says
Gao Ya
DATE:  May 17 2019
/ SOURCE:  yicai
China-Russia Trade to Jump Up to 30% This Year on Energy, E-Commerce, Expert Says China-Russia Trade to Jump Up to 30% This Year on Energy, E-Commerce, Expert Says

(Yicai Global) May 16 -- China-Russia trade may increase between 28 percent and 30 percent this year, reaching the USD130 billion mark, thanks to joint energy projects and escalating online retail sales, according to a Russian academic.

Fossil fuels will remain at the center of the two countries' trading relations, Prof. Sergei Lousianin, director of the Russian Academy of Science's Institute of Far Eastern Studies, told Yicai Global recently.

Bilateral trade hit USD97.2 billion in the months of January to November last year, an annual increase of 27.8 percent and the fastest pace among China's major trading partners. Trade reached a record high USD100 billion in mid-December, China's commerce ministry said in January.

Power of Siberia, a joint natural gas pipeline project, will start shipments before the end of this year, and a bilateral liquefied natural gas project has also started. Fossil fuels account for as much as 60 percent of Russia's exports to China, Lousianin said.

China's e-commerce market is already very large, which has greatly boosted Russian exports. Clothing and other light products can be traded more easily between the two countries via e-commerce platforms, he added.

Chinese-made goods make up 90 percent of the total entering Russia through online retail platforms, with Chinese companies involved in most of the supply chain for Russian e-commerce, according to Nicholas Trickett, an analyst at the consulting firm AKE International.

Editor: Dou Shicong

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Keywords:   Russia,Trade,Sergei Lousianin