China’s exports to Russia reached a record high

China’s exports to Russia reached a record high in April, rising 153% from 2022 to $9.6 billion, as an indication of their growing economic ties, and despite the West’s policy of sanctions against Moscow for its war in Ukraine.

China-Russia trade has increased after initially declining after Russia’s invasion of Ukraine. Chinese businesses imported oil, gas, and other products for $9.6 billion, bringing total commerce to the second-highest level ever recorded of $19 billion, narrowly missing March’s top, Bloomberg reported.

Source: China’s General Administration of Customs

Based on the data on China’s exports to the aggressor state, we can conclude that Beijing is developing trade with Moscow at a fast pace.

At the same time, the Western states look for more economic sanctions against Russia and penalties against the nations that help Moscow avoid sanctions.

When Russia needs products it cannot buy in the West anymore, it turns to the Chinese market. And we can conclude that China benefits from the Russia-Ukraine war.

Russian oil flows reach new record

Even as Moscow’s threatened output cut extends into a third month, Russian crude oil shipments to international markets show little sign of slowing.

Since Bloomberg started tracking them in detail at the beginning of 2022, the four-week average seaborne shipments have increased to their highest level. 

These exports help to smooth out some of the volatility in weekly data. With almost all of Russia’s crude oil exported to China and India, volumes to Asia also hit a record high.