While the coronavirus pandemic is wreaking havoc on global trade, cargo volume between Russia and its biggest trading partner, China, is growing, according to the Russian consul general in Harbin, Vladimir Oschepkov.
“According to our estimates, the volume of cargo transportation between our countries is gradually increasing,” the diplomat told RIA Novosti.
More than 300 trucks and up to 35 trains cross the border in both directions every day. Russian carriers mainly transport wood, soy, coal, ore, and fertilizers, which are in demand in China due to the beginning of seasonal field work.
The consul general noted that the measures imposed to contain the spread of Covid-19 affect bilateral trade, but as soon as the restrictions are lifted, it will quickly rebound. The Chinese economy is slowly recovering from the pandemic, which is believed to have originated in Hubei province. Many companies, both domestic and foreign, have already resumed operations across the country, but some analysts say production capacity has not been fully restored.
According to Oschepkov, around 90 percent of export-oriented facilities in the Chinese regions bordering Russia have already returned to work.
Trade turnover between the two countries set a new record last year, rising more than three percent to surpass $110 billion. Trade volume continued to increase in the first two months of this year – more than five percent compared to the same period of 2019.
For more stories on economy & finance visit RT’s business section