According to the latest data from the Shanghai Customs,in July 2024,Shanghai’s exports to Russia reached $523 million,an increase of 22.4% year-on-year.This is another breakthrough in Shanghai’s exports to Russia,which have seen significant growth for three consecutive months since May 2024.Previously,due to the potential impact of US sanctions on Russian foreign banks,Shanghai’s exports to Russia dropped sharply in March and April 2024.However,with the gradual stabilization of the market environment,Shanghai’s trade with Russia has rebounded rapidly and shown a significant growth momentum.

Specifically,in July 2024,Shanghai City exported a total of 3,460 tons of frozen pork to Russia,with a total value of 27 million yuan.The total trade volume reached 1.32 billion US dollars,a year - on - year increase of 26.2%.Among them,the import volume was 798 million US dollars,a year - on - year increase of 28.9%.These data indicate that Shanghais performance in trade with Russia is significantly better than that of some other regions in China,demonstrating Shanghais crucial role and strong resilience in the economic and trade relations between China and Russia.

This growth trend is not limited to single-month performance.Between January and July 2024,the total import and export trade volume between Shanghai and Russia reached $7.97 billion,an increase of 8.7% year-on-year.Among them,the export volume was $3 billion,an increase of 11.9% year-on-year; the import volume was $4.95 billion,an increase of 6.8% year-on-year.These data reflect that Shanghai’s trade with Russia gradually recovered and accelerated its growth in the first half of this year,especially against the backdrop of an uncertain global trade environment,which is particularly remarkable.

The recovery and continuous growth of Shanghais exports to Russia are partly due to Shanghais strong adaptability and flexibility in the international market as an important trade and financial center in China.Although the US sanctions on foreign banks involved in Russia once had a negative impact on trade exchanges,Shanghais enterprises quickly adjusted their strategies.Through diversified markets and supply chain management,they gradually restored the growth of exports to Russia.In addition,the competitiveness and brand influence of Shanghais enterprises in the Russian market are constantly increasing,which also provides strong support for maintaining strong export growth in a complex international trade environment.

In comparison,China’s total exports to Russia in July 2024 amounted to $9.99 billion,a year-on-year decrease of 2.8%.This comparison shows that Shanghai’s performance in exports to Russia is significantly stronger than the national average,highlighting Shanghai’s unique position in Sino-Russian economic and trade relations.Shanghai’s performance also reflects its role in national economic development and its importance in the global economy.With the further deepening of China - Russia economic and trade relations,Shanghai is expected to continue to play an important role in bilateral trade in the future.Although the global economic environment remains uncertain,especially under the influence of geopolitical tensions,Shanghai,with its strong economic foundation and international trade network,is expected to continue to lead the growth trend of China - Russia trade.

Shanghais Exports to Russia Have Seen a Sharp Increase for Three Consecutive Months