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China bought a record amount of Russian oil in May

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Total exports of Russian goods to China rose 80% year-on-year in May to $10.27 billion, and this support from Beijing allows Moscow to offset the problems it faces in other export markets.

Last month, China continued to buy up Russian energy resources, including a record amount of crude oil. It amounted to $7.47 billion, about $1 billion more than in April and twice as much as a year ago.

The increase in energy supplies from Russia to China is due to the fact that other buyers continue to avoid Russian oil, gas and coal. This is also facilitated by the gradual recovery in demand for them amid the easing of restrictive measures in the Middle Kingdom, which solved some of the logistical problems and allowed the restart of industrial production.

Total exports of Russian goods to China rose 80% year-on-year in May to $10.27 billion, and this support from Beijing allows Moscow to offset the problems it faces in other export markets.

China’s crude oil imports rose 55% year-over-year to 8.42 million tons in May, with Russia overtaking Saudi Arabia as the top supplier, according to Chinese customs data released today. Supplies of Russian liquefied natural gas to China rose by 54% yoy to 397,000 tons, despite an overall 28% decline in imports of this type of fuel into the country.

This volume does not include imports of pipeline gas from the Russian Federation, data on which have not been published by PRC customs since the beginning of the year. Nevertheless, this is the main way to transport fuel from Russia to China.

Other data on commodity trade between Russia and China in May looks like this:

• total coal imports decreased by 5.2% year on year to 4.73 million tons;

• supplies of coking coal to the steel industry increased for the fourth consecutive month to 1.71 million tons, up 70% year-on-year;

• China has also bought more steelmaking coal from Mongolia after the easing of restrictions eased logistics;

• imports of refined copper increased by 15% to 31,267 tons;

• Refined nickel imports fell nearly 90% to 300 tons, a record low;

• aluminum imports fell by 21% to 32,713 tons;

• palladium imports up 19% to 769 kg;

• wheat imports decreased by 87% to 1883 tons.

Based on materials from Bloomberg / ProFinance.ru

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