EAEU-China trade volumes likely to exceed $200bn in 2022
The volume of trade of the Eurasian Economic Union (EAEU) with China may exceed $200bn this year – as reported by the EEC press service with reference to the statement of the Member of Board (Minister) for Trade of the Eurasian Economic Commission, Andrey Slepnev
China is the main trading partner of the EAEU, and its position in trade with the Union has been significantly strengthened recently. This year, China’s share has already exceeded 35 percent of total imports from third countries to make almost 16 percent of total exports. The country confidently ranks first among all states under these indicators.
As informed by the EEC, the EAEU-China trade turnover increased by almost 30 percent: exports grew by about 40 percent, and imports – by 20 percent. According to the EEC statistics for seven months, a small trade deficit of the EAEU in trade with China for the corresponding period of 2021 was replaced by a significant surplus this year.
Russia traditionally occupies the largest share in imports from China among the EAEU members: more than 80 percent. Kazakhstan accounts for 10 percent, Kyrgyzstan – 4 percent, and Belarus – slightly more than 3 percent. Russia also holds the largest share in exports: 85 percent.
In the industrial segment of exports to China, natural gas, coal and processed timber demonstrate a steady growth this year among the largest commodity groups. Agricultural exports include rapeseed oil, frozen fish, crustaceans and poultry meat.
The commodity structure of industrial imports registers an increase in such mass-import goods as gas liquefaction equipment, cargo vehicles, passenger cars, crawler excavators, tires and air conditioners. Agricultural products, in turn, include sunflower seeds, tomatoes, plant extracts, peaches, onions, vegetable and fruit juices.
