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China’s foreign trade with Russia, India grows during 1st three quarters
October 13, 2016, 5:53 am

China's exports in yuan-denominated terms fell 5.6 percent year on year in September, while imports increased 2.2 percent, customs data showed Thursday [Xinhua]

China’s exports in yuan-denominated terms fell 5.6 percent year on year in September, while imports increased 2.2 percent, customs data showed Thursday [Xinhua]

China’s January-September trade with BRICS partners Russia and India climbed 14 per cent and 7.8 per cent, respectively, year on year, customs data showed on Thursday.

Trade turnover between Russia and China grew in annual terms to $50.27 billion over the first three quarters of 2016, China’s General Administration of Customs said in a report released on Thursday.

Russian exports to China has grown by 7.1 per cent over the same period to $26.98 billion while imports decreased by 6.4 per cent to $23.3 billion.

In 2015, trade turnover between Russia and China fell by 27.8 per cent to $64.2 billion.

China’s foreign trade in the first three quarters was down 1.9 per cent from a year earlier to reach 17.53 trillion yuan ($2.61 trillion), with exports dropping 1.6 per cent and imports falling 2.3 per cent, according to figures from the General Administration of Customs (GAC) released on Thursday.

During the January-September period, foreign trade with the United States, China’s second-biggest trade partner, fell 1.9 per cent, and that with ASEAN, its third-largest trade partner, declined 1.9 per cent.

Earlier on Sunday, China’s Ministry of Commerce (MOC) said a BRICS free trade area would be “a significant form of cooperation” between the five nations.

By setting up a free trade area, BRICS countries would be able to remove tariff and non-tariff barriers, give play to their comparative advantages, and advance trade and investment liberalization between them, MOC spokesperson Shen Danyang said at a press briefing.

 

TBP and Agencies

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