Trade turnover between Russia and China is expected to reach $220 billion this year, according to Ruslan Davydov, the acting head of Russia’s Federal Customs Service. Data from customs shows that turnover has already increased by 27% year-on-year between January and September.
China has been Russia’s largest trade partner for over a decade, supplying various goods such as cars, machinery, electronics, and other products. On the other hand, Russia primarily exports crude oil and other fossil fuels to China.
The significant increase in trade between the two countries can be attributed to Russia’s decision to redirect its trade flows eastwards due to Western sanctions over Ukraine. In 2020, trade between Moscow and Beijing reached a record $190 billion, marking a 29% increase from the previous year.
To further facilitate trade growth, the Federal Customs Service is working on streamlining customs procedures to expedite the delivery of goods. This effort aims to enhance efficiency and remove unnecessary barriers in order to support the continuous expansion of trade between Russia and China.
Davydov expressed optimism about the future trajectory of trade between the two nations. He predicted that if the current upward trend persists, the mutual turnover could reach $220 billion by the end of this year. Such a milestone would signify another significant boost in economic cooperation and bilateral trade.
The Far East region of Russia has played a crucial role in driving the overall increase in trade with China. Its proximity to China and strategic location have enabled the development of various transportation infrastructure projects, including railways, which have facilitated the transportation of goods and further stimulated trade.
In line with this, Russia is planning to build two new railroads to China, as reported by RT. This development showcases the commitment of both countries to strengthen their economic ties and explore new opportunities for trade expansion.
The growing trade relationship between Russia and China highlights the importance of diversifying trade partners and reducing dependency on Western markets. As geopolitical dynamics continue to evolve, both countries recognize the benefits of deepening their economic cooperation, which not only enhances bilateral trade but also contributes to regional stability and prosperity.
The outcome of this robust trade activity and cooperation between Russia and China is not only beneficial for the two nations but also for the global economy. As major players in the international market, their trade partnership has the potential to shape the dynamics of the global economy and contribute to its growth and stability.
In conclusion, trade between Russia and China has witnessed significant growth, with turnover increasing by 27% between January and September. The trade relationship is expected to reach a milestone of $220 billion by the end of this year. Both countries are actively working to streamline customs procedures and explore new infrastructure projects to further facilitate trade expansion. The deepening economic cooperation between Russia and China not only strengthens their bilateral relationship but also has far-reaching implications for the global economy.