Russia’s supplies of precious metals to China up almost 300 times
At the beginning of 2023, trade in precious metals between Russia and China increased, and platinum supplies to China increased 279 times, RIA Novosti reports
As noted by Vladimir Potanin, the head of the world's largest producer of high-grade nickel and palladium, Norilsk Nickel, the growth of precious metal trade between the two countries is explained by the reorientation of the Russian economy from the West to Asia.
In turn, China’s General Customs Administration reported, “Platinum imports from Russia to China increased 279 times compared to the same period last year in physical terms (from 5.99 kilograms to 1.67 tonnes), in monetary terms — 265 times (from $200,000 to $53m). The volume of palladium supplies increased 8.5 times (from 32 kilograms to 2.72 tonnes), in monetary terms — 5.6 times (from $27m to $152m).
It is known that, according to the Chinese customs, imports in physical terms have increased seven times, and in monetary terms – six times.