Contracts worth 1.15 billion U.S. dollars have been signed during the ongoing China-Russia agricultural machinery fair in the city of Jiamusi in northeast China's Heilongjiang Province.

The figure, which grew by 6.9 percent from the previous year, was released on Saturday at a press conference held following the event's product sales exhibition.

The third China-Russia agricultural machinery exhibition, which is being held from March 23 to 25, consists of product showcases, seminars on market development, business negotiations and artistic performances.

Organizers include the provincial government of Heilongjiang, the China Chamber of Commerce for Import and Export of Machinery & Electronic Products and the governments of Russia's Amur prefecture and Jewish autonomous prefecture.

Jiamusi has hosted the annual event for the past two years. In 2010, contracts worth 790 million U.S. dollars were signed at the exhibition, and the number grew 38.2 percent to 1.07 billion U.S. dollars in 2011.