March 1, 2024 11:22 am

Russia now biggest export market for Chinese cars – Beijing — RT Business News

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The exodus of major global automakers from the Russian market has opened the door for alternative brands

Russia has become the top importer of Chinese cars amid growing bilateral cooperation between Moscow and Beijing, Chinese Ambassador to Russia Zhang Hanhui has told RIA Novosti.

Trade between the two countries has been booming in light of Western sanctions imposed on Russia and the ongoing trade war between the US and China.

“Currently, cooperation in the automotive industry has become an important component of bilateral trade. China has become the main supplier of cars to Russia, the volume of exports has grown significantly both in physical and monetary terms,” Zhang told RIA on the eve of the 28th regular meeting between Russian and Chinese heads of government, which kicked off in Beijing on Tuesday.

The diplomat indicated that cooperation between the two countries has been developing “both quantitatively and qualitatively and is demonstrating noticeable success.”

Beijing has remained Moscow’s largest trading partner for 13 years in a row, according to Zhang. “The scope of bilateral cooperation is constantly expanding, and the interest of Chinese companies in cooperation with Russia is growing,” he stated.

Statistics show that Chinese brands accounted for more than 90% of all Russian car imports this year, following the exodus of European, American, South Korean, and Japanese carmakers.

As part of their expansion into the Russian market, Chinese manufacturers have recently launched car production at the Avtotor plant in the Russian exclave of Kaliningrad, which previously assembled German BMWs and South Korean Hyundai and Kia cars.

Russian President Vladimir Putin recently revealed that Chinese cars have become increasingly popular in the country, noting that they are also actively displacing European brands from global markets.

For more stories on economy & finance visit RT’s business section

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Original Source: Russia now biggest export market for Chinese cars – Beijing — RT Business News

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