The trade between Russia and China has seen a remarkable year-on-year surge of 27.7% in the first ten months of 2023, totaling $196.48 billion, according to the latest data released by Beijing’s customs authorities. This surge in trade coincides with the recent announcement that Russia is set to become China’s second biggest trade partner.
Specifically, Chinese exports to Russia have soared by 52.2%, reaching nearly $90.08 billion, while Chinese imports from Russia saw an increase of 12.4% to $106.4 billion. In October alone, trade turnover totaled nearly $19.8 billion, with Russia shipping goods worth $11.1 billion to China and importing products worth $8.68 billion.
Import/export values for September were also significant, with a total trade volume of $21.1 billion. This included exports from China to Russia reaching $9.6 billion, while Russia’s supplies to China amounted to $11.5 billion. This consistent growth in trade between the two countries has solidified China’s position as Russia’s biggest trade partner for over a decade.
The nature of the trade between the two nations sees China supplying Russia with cars, machinery, electronic goods, and a variety of other products, while Russia mainly supplies crude oil and other fossil fuels to China.
It is worth noting that in 2019, Moscow and Beijing set a goal of achieving $200 billion in bilateral trade by 2024, an objective that they are well on track to reach ahead of schedule. Speaking at the 8th Eastern Economic Forum (EEF) in Vladivostok in September, Russian President Vladimir Putin expressed confidence that China-Russia trade could surpass the $200 billion mark this year for the first time.
The positive momentum in trade between the two countries symbolizes the strengthening economic ties and cooperation. Russia and China continue to deepen their economic cooperation and are on course to achieve their trade goals well within the established timeline.
The rise in trade between Russia and China has also caught the attention of other global economic players, as it may have significant implications for the global economy. The economic and trade relations between the two countries are expected to have far-reaching effects on regional and global trade dynamics. It remains to be seen how this upward trajectory in trade will influence the geopolitical landscape.
It is evident that the partnership between Russia and China is playing an increasingly important role in shaping the future of global trade. As the two nations continue to achieve new milestones in their economic relations, it is clear that their alliance is poised to have a significant impact on the global economic and geopolitical balance.