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China, Russia Close In

Trade volume between China and Russia reached $29.1 billion in 2005, an on-year surge of 37.1 percent

Trade volume between China and Russia reached $29.1 billion in 2005, an on-year surge of 37.1 percent, according to China?s Ministry of Commerce, reported.

China is now Russia?s fourth largest trade partner, and Russia is China?s eighth largest trade partner, the ministry said, quoted by Asia Pulse on Thursday, Jan. 12.

In the first 11 months of 2005, China?s export of machinery and electronic goods to Russia grew 70 percent, accounting for 24 percent of China?s total export to Russia. During the 11 months, China?s export of high-tech products to Russia grew 58 percent, accounting for 7 percent of China?s total exports to Russia. Most of China?s exports to Russia remain apparel and footwear.

In the first nine months of 2005, China?s contracted investment in Russia totaled $368 million, twice that in 2004. China now has over 750 investment projects in Russia, involving $1.05 billion.

During the January-November period of 2005, border trade between the two countries reached $5.13 billion, growing 35 percent and accounting for nearly 20 percent of the total trade.

Thanks to China?s ?going global? strategy, renowned Chinese companies such as TCL and Huawei have witnessed the increasing market share of their products in Russia, the ministry said.

Russia?s exports to China are mainly those of energy sources, such as crude oil, which is mostly transported by rail, and electricity exports from neighboring Siberian and Far Eastern regions. In the near future, exports of both of these commodities are set to increase, as Russia is building a giant pipeline to Pacific Ocean with a branch to Chinese border, and Russian power grid monopoly UES is building some of its hydropower stations with a view of future exports to China.