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| Sino-Russian Trade Hits US$29.1b Last Year |
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In 2005, the trade volume between China and Russia reached US$29.1 billion, up 37.1 percent year on year, said China's Ministry of Commerce on Wednesday. China is now Russia's fourth largest trade partner, and Russia is China's eighth largest trade partner, the ministry said. 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 U.S. dollars, twice that in 2004. China now has over 750 investment projects in Russia, involving 1.05 billion dollars. During the January-November period of 2005, border trade between the two countries reached US$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. (Xinhua News Agency January 12, 2006) |
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