Shanghais Exports to Russia Have Seen a Sharp Increase for Three Consecutive Months

According to the latest data from Shanghai Customs, in July 2024, Shanghais exports to Russia reached 523 million US dollars, a year - on - year increase of 22.4%. This is another breakthrough in the significant growth of Shanghais exports to Russia for three consecutive months since May 2024. Previously, due to the possible sanctions imposed by the United States on foreign banks involved with Russia, Shanghais exports to Russia had experienced significant consecutive declines in March and April 2024. However, with the gradual stabilization of the market environment, Shanghais trade with Russia has rebounded rapidly and shown a significant growth trend.

Specifically, in July 2024, Shanghais exports to Russiaimport and exportThe total trade volume reached 1.32 billion US dollars, a year - on - year increase of 26.2%. Among them, the import volume was 798 million US dollars, a year - on - year increase of 28.9%. These data indicate that Shanghais performance in trade with Russia is significantly better than that of some other regions in China, demonstrating Shanghais crucial role and strong resilience in the economic and trade relations between China and Russia.

This growth trend is not limited to the monthly performance. From January to July 2024, the total import and export trade volume between Shanghai and Russia reached 7.97 billion US dollars, a year - on - year increase of 8.7%. Among them, the export volume was 3 billion US dollars, a year - on - year increase of 11.9%; the import volume was 4.95 billion US dollars, a year - on - year increase of 6.8%. These data reflect that Shanghai gradually resumed and accelerated its trade growth with Russia in the first half of this year. This performance is particularly remarkable, especially against the backdrop of an uncertain global trade environment.

The recovery and continuous growth of Shanghais exports to Russia are partly due to Shanghais strong adaptability and flexibility in the international market as an important trade and financial center in China. Although the US sanctions on foreign banks involved in Russia once had a negative impact on trade exchanges, Shanghais enterprises quickly adjusted their strategies. Through diversified markets and supply chain management, they gradually restored the growth of exports to Russia. In addition, the competitiveness and brand influence of Shanghais enterprises in the Russian market are constantly increasing, which also provides strong support for maintaining strong export growth in a complex international trade environment.

In contrast, in July 2024, Chinas overall export value to Russia was 9.99 billion US dollars, a year - on - year decrease of 2.8%. This comparison shows that Shanghais performance in exports to Russia is significantly stronger than the national average, highlighting Shanghais unique position in the economic and trade relations between China and Russia. Shanghais performance also reflects its importance in the national trade layout, especially under the complex international situation, Shanghais role as an international trade hub has become more prominent.foreign tradeWith the further deepening of China - Russia economic and trade relations, Shanghai is expected to continue to play an important role in bilateral trade in the future. Although the global economic environment remains uncertain, especially under the influence of geopolitical tensions, Shanghai, with its strong economic foundation and international trade network, is expected to continue to lead the growth trend of China - Russia trade.

Shanghais Exports to Russia Have Seen a Sharp Increase for Three Consecutive Months