China-Russia trade has downshifted, rising only 0.5 percent so far in 2013, and concern is growing that trade for the whole year might not grow at all from 2012.
With December's data not due till January, a sharp slowdown of bilateral trade this year is almost certain.
Fundamental Analysis
Silver took a major fall today giving up 439 points or 2.19% to trade at 19.61 taking cue from gold along with a selloff in silver holding by iShares the largest silver ETF in the world.
With December's data not due till January, a sharp slowdown of bilateral trade this year is almost certain.
China-Russia trade value in Jan.-Nov. stood at 81 billion U.S. dollars, up 0.5 percent. The growth rate is more than 10 percentage points down on a year ago, according to China's general customs administration.
During the period, exports to Russia reached 44.56 billion U.S. dollars, up 11.3 percent while Russian exports to China stood at 36.52 billion U.S. dollars, down 10.1 percent.
"The global economic situation is the major cause of the slowdown," said Li Jianmin, a researcher on Russia, Eastern Europe and Central Asia studies at the Chinese Academy of Social Sciences (CASS).
External factors began to effect what was 88.2 billion U.S. dollars of trade in 2012, a record year. Growth that year of 11.2 percent, however was far below the dizzy heights of 42.7 percent and 43.1 percent in 2011 and 2010. The first half of 2013, saw the first contraction of trade since the global financial crisis in 2008, down 1.2 percent. Things have picked up slightly since.
Silver took a major fall today giving up 439 points or 2.19% to trade at 19.61 taking cue from gold along with a selloff in silver holding by iShares the largest silver ETF in the world.
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