For the Shanghai Cooperation Organization (SCO) summit, which ended on Monday, more than 20 non-Western leaders from non-Western countries gathered in Tianjin, China, to discuss a global economic order with the Global South at its heart.
Xi told delegates: “We must continue to take a clear stand against hegemonism and power politics, and practice true multilateralism in the face of new global tariffs that have been imposed by US President Donald Trump.
India and Russia, two of the world’s top emerging economies, together account for more than one-fifth of the world’s gross domestic product (GDP), along with China.
According to the Observatory of Economic Complexity (OEC), trilateral trade between China, India, and Russia totaled $452 billion in 2023, up from $351 billion in 2022.
The 10-member SCO, which is seen as an alternative to the majority of US-led international institutions, covers much of Central Asia, Russia, China, India, Iran, Pakistan, and Belarus and accounts for about 43 percent of the world’s population and 23 percent of the global GDP.
Beijing’s push for multilateralism comes as Washington’s trade tariff policies have given SCO members a place to work together amid growing grievances.
Which nations buy from China the most?
China’s trading partners are varied.
The US, which imported $442 billion, or 12.9 percent of China’s total exports in 2023, mostly made up of electronics, machinery, consumer goods, and telecommunications equipment, is its main buyer.
Asia is the main hub for China’s exports, handling $1.6 trillion worth of goods, with India alone receiving $ 120 billion, or 3.1 percent of its total exports.
China exported $ 89.3 billion worth of goods to Europe, with Germany ($151 billion), Russia ($110 billion), and the UK ($95.33 billion).
Which nations pay India the most money?
The US also purchases Indian goods in large numbers.
The US purchased items worth $ 81.4 billion in 2023, or 17.9 percent of India’s total exports, followed by precious stones, machinery, and textiles, before moving on to other products.
Asia is India’s primary export market, accounting for $ 178 billion in goods, with the UAE being its second-largest export market, with $ 31.4 billion, or 6.9% of total exports, mainly jewelry and refined petroleum, accounting for $ 69 billion.
With $ 22. 5 billion in exported oil, India’s third-largest export market is $ 15 billion, with refined petroleum being the largest exporter. India’s export market is second-largest in Asia and fourth-largest there.
US President Donald Trump formally imposed a 50% tariff on Indian imports on August 6, citing in part India’s continued purchase of discounted Russian crude oil.
India responded with a strong nod, calling the tariffs “unjustified, and unreasonable,” and reaffirming its independent authority to decide its energy policies. Despite the pressure from the US, India continued to import Russian oil, which was sparked by Moscow’s significant discounts.
Which nations rely on Russia for the most money?
Russia’s trading partners were significantly more diverse before the conflict in Ukraine.
Russia had a wide range of European partners, including China, which accounted for 14.6 percent ($72. 1 billion) of its exports in 2021). Russia’s second-largest exporter was the Netherlands, accounting for 8% of its total exports, followed by the US, which accounts for 5.5% ($27.3%).
Heavy sanctions severely slowed trade with many Western nations after Russia invaded Ukraine in February 2022.
China accounted for about one-third of Russia’s exports by 2023, with India accounting for 16.8% ($66.1 billion) and Turkiye at 7.9% ($31 billion), making the Asia-Pacific region the main exporter of Russian goods, with more than three-quarters of that amount going there.
What is the main topic of trade between China and Russia?
Machinery and transportation equipment were the main exports China made to Russia in 2023, totaling $110 billion in goods. Cars are the top exporters from China to Russia, according to the OEC.
Russia also sold $ 29 billion worth of goods to China that year, primarily mineral products, including oil and natural gas.
Russia has recently enjoyed a trade surplus with China, primarily as a result of its energy-related exports, which account for nearly three-quarters of the country’s exports.
What is the most important trade partner between Russia and India?
Russia and India have a significant trade deficit, with much of it coming in from India.
About 88 percent of these imports, the majority of which India purchases at a discount, came from Russia, which sold $66.1 billion worth of goods to India in 2023. Energy products, primarily crude oil and natural gas, account for about 88 percent of these imports.
India’s exports to Russia are more diverse, reaching $4.1 billion in 2023, with significant contributions coming from metal, machinery, and chemical products.
What is the main topic of trade between China and India?
India and China have a significant trade deficit, importing roughly seven times as many goods as it exports.
India exported $ 18.1 billion worth of goods to China in 2023, with oil and fuel-related products accounting for the majority of its exports, while China exported $ 125 billion worth of goods, primarily machinery and chemical products.
Source: Aljazeera
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