Economics

17:05, 04.03.2008 | Russia

Russia is interested in a great number of Chinese products and trade potential between the two countries is expected to grow, said a Russian trade representative to China

International trade and business between the two neighbors has grown quickly and become more active these years. Bilateral trade volume reached 48.16 billion U.S. dollars in 2007, a 44.3 percent increase year on year.

"Traditional products such as grain, costumes, cloth and hosiery once topped China's export list to Russia in the 1990," said trade rep Sergey Tsyplakov. "This has gradually changed. Russia imports more and more machinery and electrical products from China these years."

Official statistics show China-Russia bilateral trade turnover in machinery and electrical products stood at 10.36 billion U.S. dollars last year, an 85.1 percent increase over 2006.

Tsyplakov pointed out most China exports go to Russia's far east and Siberian areas and that bilateral trade in southern Russia is comparatively weak and should be enhanced.

Compared with China, Russia should sharpen its competitive edge to enlarge exports to China, he added.

Since 1999, Sino-Russian trade has continued to soar at an average annual growth rate of about 30 percent and trade components have also been optimized with machinery product exports to each other increasing.

Currently, Russia is China's seventh largest trade partner and China is Russia's third largest trade partner.

-Xinhua