China Runs Record Trade Deficit With Russia as Energy Costs Jump

(Bloomberg) — China’s trade deficit with Russia reached a record $38 billion last year as global energy prices surged following the outbreak of war in Ukraine.

The world’s second-largest economy purchased $114.1 billion worth of goods from Russia in 2022, up 44% from a year earlier, figures from China’s General Administration of Customs showed Friday. By comparison, China’s total imports from around the globe were up just 1.1% for the year.

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