German expert 'disappointed' with Russian economic revival
(Baonghean.vn) - According to a German research organization, Russia's trade activities recovered in August, despite extensive sanctions related to the country's conflict with Ukraine.
Business Insider cited a September 7 report from the Kiel Institute for the World Economy in Germany stating: "At Russian ports, the number of container ships docking is increasing, despite sanctions and the devaluation of the ruble."
The calculations by the Kiel Institute for the World Economy in Germany are based on the volume of cargo unloaded at Russia’s three largest ports: Saint Petersburg, Vladivostok and Novorossivsk. Kiel also said that it was unclear where the cargo was coming from, but activity at these ports appeared to be “surprisingly high.”
Vicent Stamer, a trade expert at the Kiel Institute for the World Economy in Germany, said Russia appeared to be re-entering world trade. “This is disappointing,” Stamer said.
The disappointment of German experts is well-founded. The International Monetary Fund said that Germany will be the only major economy in the world to fall back into recession this year, while Russia – which is under a series of Western sanctions – is still on track to continue growing.
The report by the Kiel Institute for the World Economy came after data from Beijing on September 7 showed that China's imports from Russia increased by the most ever, according to data from Bloomberg.
In August, China imported $11.5 billion worth of Russian goods – including energy products and household appliances. Total trade between China and Russia reached $155 billion in the first eight months of 2023.
According to the Director of the Asian Department of the Russian Foreign Ministry, Georgy Zinoviev, statistics on Russian-Chinese capital investments show that bilateral investment cooperation continues to develop successfully. The portfolio of the Russian-Chinese Intergovernmental Commission on Investment Cooperation includes dozens of projects with an investment volume of more than $ 160 billion. China is also involved in projects for the production of liquefied natural gas on the Yamal Peninsula.
The Director of the Asian Department of the Russian Foreign Ministry hopes that in October, when the Belt and Road Forum is held in Beijing, Russian businesses will be able to seek and sign important cooperation agreements with China.
