Trade Between China and Russia at Highest Levels

Data from the General Administration of Customs of China revealed today, Thursday, that "the volume of bilateral trade between China and Russia rose in June to its highest level since the start of the Ukraine war, as the two neighbors stated that their relations have reached a new high." The value of bilateral trade increased to $20.83 billion, marking its highest level since February 2022, despite a slowdown in global demand and increasing geopolitical risks. China's imports from Russia rose by 15.7% to $11.28 billion compared to a 10% increase in May. According to the Autostat data analysis agency, six of the top ten automotive brands by market share in Russia are Chinese companies, such as Haval, Chery, and Geely, which have filled the gap left by the withdrawal of Western companies.