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9 Nov, 2023 15:23

Russia-China trade approaching milestone – data

Mutual turnover through October is nearing $200 billion, according to customs
Russia-China trade approaching milestone – data

Trade between Russia and China saw a year-on-year surge of 27.7% in the first ten months of 2023, reaching $196.48 billion, according to the latest data released by Beijing’s customs authorities.

Chinese exports to Russia soared 52.2% and amounted to nearly $90.08 billion, while imports saw an increase of 12.4% to $106.4 billion.

Trade turnover totaled nearly $19.8 billion in October alone, with Russia shipping goods worth $11.1 billion to its neighbor and importing products worth $8.68 billion.

In September, Russia-China trade totaled $21.1 billion, customs data showed. During that month, China’s exports to Russia reached $9.6 billion, while supplies from Russia amounted to $11.5 billion.

China has been Russia’s biggest trade partner for over a decade, supplying it with cars, machinery, electronic goods, and other products. Russia mainly supplies crude oil and other fossil fuels to China.

In 2019, Moscow and Beijing set a goal of $200 billion in bilateral trade by 2024, but are on track to reach that target ahead of time.

Speaking at the 8th Eastern Economic Forum (EEF) in Vladivostok in September, Russian President Vladimir Putin said that China-Russia trade could top $200 billion this year for the first time.

For more stories on economy & finance visit RT's business section

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