Chinese exporters stop selling on Russian platforms due to the ruble exchange rate

Many Chinese exporters faced difficulties due to the collapse of the ruble exchange rate and suspended sales on Russian e-commerce platforms.

According to the Chinese edition of the South China Morning Post, citing interlocutors in the industry, the situation is aggravated by fears of further devaluation of the Russian currency.

"The ongoing depreciation of the ruble is causing serious losses to Chinese exporters," Andy Guo, founder of the Waimaojia business platform, told the publication.

According to him, the current ruble exchange rate raises prices for Russians and reduces the attractiveness of Chinese goods, thereby reducing the volume of orders.

It was the Waimaojia platform on WeChat that previously attracted many exporters focused on the Russian market. Guo explained that exchange rate fluctuations "corrode" the profits of Chinese sellers.

It is also noted that the problem is complicated by the impact of international sanctions on the payment systems of the main Russian e-commerce platforms.

Nevertheless, clothing supply chain specialist Peng Biao said that Chinese cross-border companies do not want to abandon the Russian market, but the current risks "force them to hesitate."

Earlier, EADaily reported that the ruble fell sharply against the dollar in the second half of November. The dollar exchange rate on the international Forex market jumped above 114 rubles for the first time since March 2022.