China’s June exports to Russia rise more quickly than in previous month By Reuters

BEIJING (Reuters) – China’s yuan-denominated exports to Russia grew 4.76% in June from a year earlier, faster than the 0.92% pace in May, but still much slower than double-digit export growth at the beginning of the year, customs data showed on Friday.

China’s outbound shipments to Russia fell in March and April before swinging back to growth in May. Even though the United States imposed sanctions in June on the only Russian bank branch in China, President Vladimir Putin visited China in May and helped ensure the two countries have payment alternatives, Reuters reported last month, citing sources.

However, China’s overall imports from Russia fell 6.7% in June in yuan terms, a bigger pace than the 2.2% fall in May, customs data showed.

Two-way trade value between the two countries continues to grow, rising to 143.9 billion yuan ($19.81 billion) last month, up 2.3% from 140.7 billion yuan in May.

The close neighbours have been pushing for closer economic cooperation particularly in the energy sector, and Russia’s Gazprom (MCX:) will start pipeline gas exports to China of 10 billion cubic metres a year in 2027, Gazprom CEO Alexei Miller told an annual shareholders’ meeting on June 28.

($1 = 7.2640 yuan)