As Russia pivots to the east, trade with China is booming

As Russia pivots to the east, trade with China is booming
Trade turnover between Russia and China has been rapidly growing, rising 30 percent to reach $77 billion from January to September, statistics from China’s General Administration of Customs show.

The volume of exports from China to Russia has grown by almost 13 percent, exceeding $35 billion. Imports of Russian goods surged by around 40 percent to $42 billion, said the customs service.

Last month, trade turnover between the two countries was more than $9 billion.

China is Russia’s largest trading partner, accounting for 15 percent of Russian international trade in 2017. The two countries expect bilateral trade to hit $100 billion this year and plan to steadily boost it to $200 billion by 2024.

They are also promoting settlements in rubles and yuan, bypassing the US dollar and other Western currencies.

READ MORE: Russia plans to boost trade with China to $200bn by 2024

In 2017, nine percent of payments for supplies from Russia to China were made in rubles; Russian companies paid 15 percent of Chinese imports in renminbi (yuan).

Just three years ago, the numbers were two and nine percent, respectively. The two nations have also established a Russian-Chinese investment fund worth 68 billion yuan (almost $10 billion) to develop trade, economic investment, and scientific cooperation.

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