Slovak unemployment inched further down to 3.88% in March
1 day ago
Russia is on course to hit its target of increasing trade turnover with China to $80bn this year after the volume grew by a quarter y/y in the first half of this year to $39.78bn, according to General Administration of Customs Administration of China.
Trade has expanded massively since the 1990s when the two countries' turnover ran on the order of $5bn-$8bn a year. Previously Russian President Vladimir Putin set a target for trade to hit $100bn by 2015 and nearly hit that target; trade was $95.3bn in 2014. However, the “silent crisis” of 2015-2016 hit the next year, hurting both countries and reducing trade to about $60bn.
Now both countries are growing again and trade is recovering rapidly. Putin set a new target for trade to hit $80bn this year and $200bn by 2020, which is achievable if the current rate of growth is maintained.
The European Union remains Russia’s most important trade partner with $330bn of mutual turnover in 2014 before the fighting started. Since then, turnover with Europe has fallen to $250bn in 2015 and $228bn in 2016.
Russian exports to China amounted to $20.34bn, an increase of 29.3%, while China's exports to Russia increased by 22.2% to $19.44bn. In 2016 growth in trade between the two countries amounted to 2.2%, the volume of trade was recorded at $69.52bn.
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