December 02, 2009
Chinese Exports to Russia Collapse
Despite numerous bilateral summits, extension of credit by China, and big new energy deals, Russia-China trade collapsed -34.4% over the Janury-October 2009 period and will most likely end the year at below 2008 levels Russian China trade rep Sergei Tsyplakov said today. Imports from China to Russia fell almost -50% to $13.8 billion (US dollars) value.
The trade figures are more a reflection of the poor state of Russia's economy. While Russia continues to profit from its oil and gas sector Prime Minister Putin scolded Russian industry at a party congress in St. Petersburg last weekend. Putin said Russia "need[s] to clear the economy of hopeless, outdated and money-wasting industries" and singled out the nation's auto industry as a particularly dire sector with output down 60%. Retail sales in Russia fell -8.5% in October and many foreign retailers including majors Walmart, Carrefour, and IKEA, are pulling out as they see their businesses fail to materialize or bog down in red tape or corruption....
Labels: chinese trade, foreign trade, russia
# posted by Sinomania! : 12/02/2009 01:47:00 PM
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