Russia-China trade increases 26% in a year

5 months ago 102

Turnover from January through November has reached over $218 billion

Trade turnover between Russia and China continues to grow at an unprecedented pace, hitting a historic high in November despite the pressure of Western sanctions.

According to Chinese customs data, trade volumes with Russia increased by 26.7% in the first 11 months of 2023, amounting to a record $218.17 billion. In November alone, trade amounted to $21.5 billion, an 8.6% month-on-month increase.

Exports from China to Russia jumped by 50.2% to $100.33 billion in January-November, while imports from Russia to the Asian country surged by 11.8% to $117.84 billion.

Russia emerged as China’s fifth-largest trading partner (excluding Hong Kong and Taiwan) in the reporting period, behind the US, EU, South Korea, and Japan.

Speaking at a meeting of the Russia-China intergovernmental commission in Beijing last month, Russian First Deputy Prime Minister Andrey Belousov forecast that bilateral trade would grow to $300 billion by the end of the decade. Progress has been particularly notable in metallurgy, chemicals, food, equipment, and vehicles, he added.

READ MORE: Yuan benefiting from sanctions on Russia – tycoon

Russian-Chinese trade cooperation has gained momentum amid Western sanctions imposed on Moscow over the Ukraine conflict, as well as lingering trade disputes between Beijing and Washington.

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