Russia-China Trade To Total Between $98-115Bln In 2020 - Business Union

Trade between Russia and China will be between $98-115 billion in 2020, the Russian-Asian Union of Industrialists and Entrepreneurs (RAUIE) said on Tuesday in a statement obtained by Sputnik

MOSCOW (UrduPoint News / Sputnik - 14th July, 2020) Trade between Russia and China will be between $98-115 billion in 2020, the Russian-Asian Union of Industrialists and Entrepreneurs (RAUIE) said on Tuesday in a statement obtained by Sputnik.

In 2019, Moscow-Beijing trade reached a record of $110.75 billion. At the same time, China's General Administration of Customs said earlier on Tuesday that the trade had decreased by 5.6 percent in the first half of 2020 and fell to $49.16 billion. According to the RAUIE, trade fell because of the coronavirus-linked lockdowns, plummeting oil prices and a drop in demand on various goods.

"It is important to note that trade turnover grew before the end of April, and the decrease started only in May .

.. We are likely to see a recovery in commodity markets, including oil, to $50 per barrel by fall or by the end of the year. In addition, achieving the last year's target of $110 billion will be considered as a success this year amid the increase in imports [from China to Russia], and in general, we expect trade turnover to reach somewhere between $98-115 billion," the RAUIE said.

According to the RAUIE, Moscow needs to focus on imports, as well as on diversifying exports to China. In particular, Russia could be exporting agricultural and technological products to the Chinese market.