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Russia took part in China International Import Expo in digital format

6 november 2020

Russia took part in China International Import Expo in digital format

The event commenced with a plenary session. The speakers emphasized the key vectors of the development of relations between the two countries during the coronavirus pandemic.
Veronika Nikishina, General Director of REC JSC, noted that “the trade turnover between the two countries amounted to more than $48B for the first half of this year. It should hit the $200B target by 2024.” Moreover, she has added that the milestone can be reached because the two countries have good development prospects. “This is evidenced by the export activity of several industries. There are several growth drivers in the agro-industrial complex, including poultry meat and by-products which have demonstrated 9-times increase this year, soybean oil – 5-times, and sunflower oil – 2-times increase.”
Also, new products appeared in export supplies: steel products and copper wire. This is because the PRC government systematically introduces restrictions on the import of ferrous and non-ferrous metals.
Besides, this year Russia began to export beef. This became possible after the signing of the Protocol between the Rosselkhoznadzor and the General Administration of Customs of the People's Republic of China.
Agro-industrial goods traditionally supplied to China include vegetable oil, flour, confectionery, chocolate, juices and others, which are in great demand among the Chinese consumers. Veronika Nikishina noted the active growth of agricultural exports. At the end of 8 months of this year, it grew by 28.5% to $2.5B, continuing the trend of the past 5 years.

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