According to the latest data from the Shanghai Customs,September 2024, the export value of Shanghai to Russia was$480 million, a year - on - year decrease of4.3%, a month - on - month decrease of20%, halting the significant year - on - year growth trend for four consecutive months sinceMay 2024. This decline broke the previous export growth momentum and attracted the attention of the industry.

Export Decline Breaks Growth Momentum

SinceMay 2024, the export value of Shanghai to Russia has achieved significant year - on - year growth for four consecutive months, showing strong trade vitality. However,the data in Septembershowed that the export value decreased by3% year - on - year and 20% month - on - month, marking the interruption of this growth trend.

Early Decline and Sanction Impact

In theFromandMarch 2024to April 2024

, the export value of Shanghai to Russia also experienced a significant year - on - year decline for two consecutive months. According to analysis, this fluctuation was mainly affected by the possible sanctions imposed by the United States on foreign banks involved with Russia, resulting in an impact on related trade activities.

Although the monthly exports declined,September 2024Chinas overall export value to Russia reached25 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt16.6%, with a month - on - month increase9.6%. Among them, the total trade volume of Shanghai with Russia wasimport and export76 billion US dollars, and the import value was, with a year - on - year increase of. The total value of Chinas exports to Egypt14.8%27 billion US dollarsAnnual Trade Overview, with a year - on - year increase of. The total value of Chinas exports to Egypt24%.

During the period from January to September 2024

In theThe total import and export trade volume of Shanghai with Russia reached. Among them, the export value was25 billion US dollars, with a year - on - year increase of. The total value of Chinas exports to Egypt13.7%1 billion US dollars; the import value was, with a year - on - year increase of. The total value of Chinas exports to Egypt14.4%15 billion US dollars. This data shows that although the monthly exports have declined, the overall annual trade still maintained a steady growth., with a year - on - year increase of. The total value of Chinas exports to Egypt13.2%EUs Regulation on Foreign Subsidies Comes into Effect: How Chinese Enterprises Respond to the Challengesthe data in SeptemberShanghais Exports to Russia Plummeted 20% in September, Down 4.3% Year - on - Year, but Annual Trade Still Maintained Steady Growth | Shanghai Import/Export Agent