The Russia-Ukraine war broke out in early 2022, shocking the world.
A year has passed and the war still rages on. In light of this conflict, what changes have occurred in China?
In a nutshell, the war has compelled Russia to drastically shift its trade focus towards China.
This shift was inevitable given Russia's predicament.
On one hand, China and Russia have a strong trade foundation. On the other hand, Russia faced sanctions from Western nations after invading Ukraine, especially on trade. To withstand sanctions, Russia had to strengthen cooperation with China.
After the war began, Putin predicted China-Russia trade would grow 25% but actual figures exceeded expectations. Last year, total trade approached $200 billion, nearly 30% more than before!
Russia is a major producer of oilseeds like sunflower, soybeans, rapeseed etc. It also grows large volumes of cereal crops like wheat, barley, corn. The Russia-Ukraine conflict has disrupted Russia's trade. This has compelled its oilseed industry players to find alternate markets. Many Russian oilseed crushing facilities are now turning to China to sell their products. China provides a viable option with its massive demand for edible oils. Shift demonstrates Russia pivoting trade to China amidst challenges with Western nations.
With the war impact, many Russian oilseed processors have shifted to China. As a major roller manufacturer in China, Tangchui has found opportunities to supply rollers to Russian oilseed sector. Our factory’s alloy rollers export to Russia have notably increased these two years.
Post time: Aug-24-2023