Business / Economy

China-Russia border city sees trade surge

(Xinhua) Updated: 2012-07-20 13:22

HARBIN -- Trade between the border city of Suifenhe in Northeast China's Heilongjiang province and Russia nearly doubled on a year-on-year basis in the first half of the year, local authorities said Thursday.

Bilateral trade volume in the six months reached $2.49 billion, up 95.9 percent year-on-year, municipal officials said.

The value of the city's imports skyrocketed by 125.55 percent to $2.21 billion, while exports stood at $280 million, down by 4.4 percent, officials said.

A rise in crude oil and refined oil imports by Heilongjiang United Oil & Chemicals Co Ltd contributed to the import surge, officials said.

They also attributed the surge to increased imports of fertilizer driven by soaring demand and lower transport costs.

Ongoing European sovereign debt crisis has made a dent in Russian purchasing power, which led to a decrease in Russian orders, officials said.

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