Russian market loses its importance for China even amid trade restrictions between the PRC and USA. Alexander Knobel and Alexander Firanchuk, Researchers of the International Trade Department at the Gaidar Institute came to this conclusion in a commentary for Nezavisimaya Gazeta.
Having analyzed the statistics, experts noted a change in the structure of bilateral trade: "The dynamics of Russia's market share in Chinese exports indicates a decline in its importance, even amid restrictions related to supply of Chinese products to the United States," said Alexander Knobel and Alexander Firanchuk.
The experts backed up their statements with statistics. From January to November of the previous year, shipments from China to Russia fell by almost 12%. The Russian market's share of total Chinese exports fell to 2.7%, down 0.5 p.p. over the past year. Among the factors contributing to the decline, experts point to a halving of vehicle shipments due to growth in recycling fee, as well as a decline in machinery and equipment imports (by almost 11%).