Trade between Russia and China has continued to strengthen, with exports and imports experiencing robust growth throughout the year. According to the Russian Customs Service, bilateral trade surged by 25% from January to August compared to the same period last year, reaching a staggering $155.1 billion. This data is in line with previous reports from China’s customs agency, highlighting the consistent momentum in trade between the two nations.
To further boost trade, Moscow and Beijing have expressed their commitment to simplifying customs formalities. They have shown a particular interest in the Zabaikalsk-Manzhouli automobile border-crossing checkpoint, as well as the Pogranichny-Suifenhe road crossing, with hopes of organizing a permanent, round-the-clock operation. These efforts aim to facilitate smoother and more efficient trade between Russia and China.
Energy products, including oil and gas, have been the primary exports from Russia to China. Additionally, Russia has supplied China with refined products, agri-food, and industrial goods. On the other hand, China has exported a wide range of products to Russia, including food, equipment, electronics, engineering goods, furniture, toys, textiles, clothing, and footwear.
The previous year witnessed a significant milestone in trade between Russia and China, as it reached an all-time high of $190.3 billion. With the current growth rate, it is highly likely that the two countries will surpass their target of $200 billion for this year. In fact, both nations believe that achieving an annual trade volume of $250 billion is “absolutely realistic.”
The strengthening of economic ties between Russia and China is further reinforced by their joint commitment to conducting transactions using their national currencies instead of relying heavily on the US dollar. This move comes as both countries aim to decrease their dependence on the dollar and euro in global trade, particularly due to Western sanctions imposed on Russia and the ongoing trade dispute between the US and China.
By engaging in more transactions using their national currencies, Russia and China aim to create a more stable and independent economic environment. This not only reduces their vulnerability to external pressures but also fosters closer economic cooperation between the two nations.
The growth in trade between Russia and China signifies a deepening strategic partnership that has significant implications for the global economy. As both countries continue to strengthen their economic ties and explore new avenues for cooperation, it is expected that their trade volume will continue to surge in the coming years.
In conclusion, the trade between Russia and China has witnessed strong growth this year, with a 25% increase in bilateral trade from January to August. Both countries are focused on simplifying customs procedures to further boost trade. The energy sector remains a key driver of trade, with Russia exporting oil and gas to China. Both nations are confident in exceeding their target of $200 billion for this year and are optimistic about achieving an annual trade volume of $250 billion. Additionally, the use of national currencies in trade transactions strengthens economic ties and reduces reliance on the US dollar and euro. The growing trade between Russia and China signifies a deepening partnership with global implications.