TRADE WARS
Russia counts China trade losses from coronavirus
by Staff Writers
Moscow (AFP) Feb 21, 2020

Russian exports to China have been hit hard by the new coronavirus, which curbed demand and the movement of people and goods, official figures showed Friday.

Exports to China fell by nearly 34 percent from January 1 to February 19, according to Russian customs service data sent to AFP.

Trade in grain, minerals, animal fats and vegetable oil and especially hydrocarbons have been affected, with exports shifting into lower gear as the Chinese economy slows.

Finance Minister Anton Siluanov told RBK daily Thursday that the fall in China-Russia trade amounted to one billion rubles per day ($15.5 million).

Russian imports from China have remained stable, but Beijing is exporting more electronics and less fresh produce, the customs figures showed.

This week, Russia's agricultural watchdog Rosselkhoznadzor banned imports of Chinese meat products such as sausages and offal.

Media in Russia's Far East reported that Chinese fruit and vegetables have vanished, and the price of remaining produce has risen sharply.

China is Russia's largest economic partner with trade amounting to $110 billion in 2019. Moscow aims to increase that figure to $200 billion by 2024.

Moscow on Thursday banned all Chinese citizens from crossing into Russia to prevent the spread of the COVID-19 virus.

Last year, 2.3 million Chinese citizens entered Russia including 1.5 million tourists.

The Association of Tour Operators of Russia has said the domestic tourism industry will lose at least 2.8 billion rubles in February and March and that the total could rise to 31.2 billion rubles if Chinese visitors stay away over the summer.

A fall in oil prices as China cuts back also threatens Russia, whose state budget is dependent on oil and gas. The price of Brent crude has dropped nearly $10 per barrel since the start of the year, when it was close to $70.


Related Links
Global Trade News

TRADE WARS
Foreign firms struggle to resume operations in virus-hit China
Beijing (AFP) Feb 18, 2020
Foreign firms are struggling to resume work in virus-hit China as they face disrupted supply chains, rising inventory and quarantine rules meant to contain the deadly epidemic, the EU chamber of commerce said Tuesday. With many pharmaceutical companies globally sourcing from China, pharmacies may also face a shortage of antibiotics and other drugs if the epidemic is not resolved soon, said Joerg Wuttke, president of the European Union Chamber of Commerce in China. Firms in China have seen a slow ... read more

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
'Over in under a minute': commander divulges how quickly moscow's defences can thwart missile attack

Syrian air defence intercepts missile attack: state media

Greece to send Patriot missiles to Saudi Arabia: official

US awaits Iraq's okay to deploy Patriots to protect troops

TRADE WARS
Cyprus buys missiles, partners with France for exercises to thwart Turkey

Raytheon nabs $35.9M for work on Navy's over-the-horizon missile system

Over 100 US troops suffered brain injury in Iran attack: Pentagon

Iran unveils ballistic missile, 'new generation' engines

TRADE WARS
Ground-breaking solar powered unmanned aircraft makes first flight

UAV's Flight Control Solutions compatible with Trimble's UAS1

Phase One Industrial and AI-Survey GmbH Sign Partner Integrator Agreement

Extended range: VECTOR flies beyond 300 km using a UHF datalink

TRADE WARS
US Army and Air Force team up for multi-domain operations

Lockheed Martin's Most Advanced Mobile Communications Satellite Launches

Space and Missile Systems Center awards Northrop Grumman $253.6 million for Protected Tactical SATCOM acquisition

AEHF-5 Satellite Control Authority Transferred to Space Operations Command

TRADE WARS
WWI helmets protect against shock waves just as well as modern designs

Oshkosh Defense nabs $407.3M to procure JLTVs for Army

Trump lifts US restrictions on anti-personnel landmines

Pentagon to roll back restrictions on land mine use

TRADE WARS
German arrested for illegal military exports to Russia

World defence spending spikes as rivalries heat up

Modi eyes arms export tag in 'Made in India' push

Suspected Saudi weapons ships arrives in France; Belgium's Wallonia region bans Saudi arms sales

TRADE WARS
France 'impatient' over lack of German drive to reform EU: Macron

France, Australia recommit to troubled subs deal

Turkey says differences over Syria 'shouldn't affect' ties with Russia

Chinese, Vatican foreign ministers hold first meeting

TRADE WARS
Deep-sea osmolyte makes biomolecular machines heat-tolerant

Nanobubbles in nanodroplets

New production method for carbon nanotubes gets green light

A quantum breakthrough brings a technique from astronomy to the nano-scale