Trade between Russia and China is booming, with exports and imports between the two nations surging at a double-digit pace. According to data released by the Chinese General Administration of Customs, bilateral trade between Russia and China increased by 36.5% in the period of January-July compared to the previous year, reaching a total of $134.1 billion.
During this reporting period, Chinese exports to Russia saw an impressive increase of 73.4%, reaching $62.5 billion. On the other hand, Russian imports from China saw a notable rise of 15.1%, totaling $72 billion. In July alone, trade between the two countries reached $19.4 billion, with Chinese exports slightly surpassing deliveries from Russia.
This surge in trade is a continuation of the momentum seen in 2022, where trade between Russia and China grew by 29.3% in annual terms, reaching a record high of $190.3 billion. Both nations are optimistic about surpassing their target of $200 billion this year, and are determined to achieve a landmark of $250 billion in annual trade, which they believe is “absolutely realistic.”
One of the key factors contributing to the strengthening economic ties between Russia and China is the mutual decision to conduct the majority of transactions in their own currencies, instead of relying on the US dollar. This move aims to reduce dependence on the dollar and euro in international trade, especially in light of the sanctions imposed on Russia and the ongoing trade war between the US and China.
Both countries have taken steps to enhance their industrial cooperation and economic integration. Russian Prime Minister Mikhail Mishustin has emphasized the importance of bolstering ties in various sectors, including high-tech industries, agriculture, and energy. The two nations recognize the potential for further growth and cooperation, which will not only boost their respective economies but also contribute to regional and global stability.
This growing partnership between Russia and China not only holds economic benefits but also geopolitical implications. As the two countries strengthen their economic ties, they are solidifying a strategic alliance that has the potential to reshape the global balance of power. This has raised concerns in some Western nations, particularly the US, who view the growing influence of Russia and China as a threat to their own global dominance.
In conclusion, the trade between Russia and China continues to thrive, with remarkable growth in both exports and imports. The mutual decision to conduct transactions in their own currencies has further strengthened their economic ties. With plans to surpass the $200 billion target this year and ambitious goals for the future, Russia and China are set to deepen their economic integration and expand their influence on the global stage.