China's Exports To Russia Increased By 136 %

Despite a bleak global economic outlook, China's exports to Russia more than doubled year on year in March, while imports increased at a double-digit rate, according to Chinese customs data released on Thursday.

China's exports to Russia increased 136.4 percent in March to a total of $9 billion, outpacing a 19.8 percent increase in the first two months combined.

Imports from Russia increased by 40.5 percent to $11 billion, outpacing the 31.3 percent increase in January-February.

The positive trade data between the two countries comes as global growth slows. The International Monetary Fund cut its global growth forecast for 2023 to 2.8% from 2.9%, warning that financial system vulnerabilities could lead to a new crisis.

During Chinese President Xi Jinping's March visit to Russia, he and Russian President Vladimir Putin referred to each other as "dear friends" and promised economic cooperation.

The visit came just over a year after Russia launched a "special military operation" in Ukraine, prompting the European Union to impose sanctions on purchases of Russian seaborne crude and coal, as well as a price cap agreed by the Group of Seven on Russian crude oil in December.

China, the world's largest consumer of energy, has saved billions of dollars by purchasing cheaper Russian oil and coal.

The Chinese customs agency did not specify which products boosted bilateral trade on Thursday.