According to the latest data from the Shanghai Customs,in March 2024,the export trade volume of Shanghai to Russia dropped significantly,a change mainly due to international sanctions.The data shows that Shanghai’s exports to Russia amounted to $310 million,a year-on-year drop of 21.7%,while the overall export volume decreased by 14.7% compared with the previous month.trade value only slightly decreased by 1.33% to $1.089 billion.Despite the severe impact on exports to Russia,Shanghais imports from Russia maintained a growth of 9.79%,reaching $783 million.

Analysts pointed out that the direct cause of the decline in Shanghai’s exports to Russia is closely related to Executive Order 14114 issued by the United States on December 22,2023.This order expanded the U.S.authority to sanction foreign financial institutions involved in "significant transactions" with Russia’s military-industrial base.Additionally,the order permits the U.S.to sanction banks that assist in the sale of certain "critical items" to Russia.Consequently,to avoid potential risks,several banks have tightened their trade settlement policies with Russia,directly impacting Shanghai’s export business to Russia.

In contrast to the trade situation with Russia,Shanghai’s export performance to other Central Asian countries was more diverse.In March 2024,Shanghai’s exports to Kazakhstan fell significantly by 40.5% to $148 million.Meanwhile,exports to Kyrgyzstan surged by 273% to $136 million.Exports to Uzbekistan increased slightly by 4.7% to $607 million.Additionally,Shanghai’s exports to Azerbaijan also recorded a 3.24% increase,reaching $5.25 million.

These figures reflect that Shanghais trade relations with Central Asian countries are influenced by geopolitics while also being shaped by each countrys economic needs and market openness.In some countries,such as Kyrgyzstan,Shanghai may achieve significant export growth due to newly developed markets or newly signed trade agreements.

From a longer-term perspective,in the first quarter of 2024,the total import and export trade volume between Shanghai and Russia reached $3.27 billion,an increase of 9.3% year-on-year.During this quarter,the export volume amounted to $1.16 billion,an increase of 10.3% year-on-year,while the import volume reached $2.04 billion,an increase of 8.75% year-on-year.This data shows that,at the beginning of the year,despite the challenges of sanctions,the trade relationship between Shanghai and Russia still maintained a growth trend.