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7 Dec, 2023 09:25

Russia-China trade increases 26% in a year

Turnover from January through November has reached over $218 billion
Russia-China trade increases 26% in a year

Trade turnover between Russia and China continues to grow at an unprecedented pace, hitting a historic high in November despite the pressure of Western sanctions.

According to Chinese customs data, trade volumes with Russia increased by 26.7% in the first 11 months of 2023, amounting to a record $218.17 billion. In November alone, trade amounted to $21.5 billion, an 8.6% month-on-month increase.

Exports from China to Russia jumped by 50.2% to $100.33 billion in January-November, while imports from Russia to the Asian country surged by 11.8% to $117.84 billion.

Russia emerged as China’s fifth-largest trading partner (excluding Hong Kong and Taiwan) in the reporting period, behind the US, EU, South Korea, and Japan.

Speaking at a meeting of the Russia-China intergovernmental commission in Beijing last month, Russian First Deputy Prime Minister Andrey Belousov forecast that bilateral trade would grow to $300 billion by the end of the decade. Progress has been particularly notable in metallurgy, chemicals, food, equipment, and vehicles, he added.

Russian-Chinese trade cooperation has gained momentum amid Western sanctions imposed on Moscow over the Ukraine conflict, as well as lingering trade disputes between Beijing and Washington.

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

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