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Trade Trends News
12-05-2023
The trade volume between China and Russia, denominated in US dollars, increased by 41.3% year-on-year. Compared to April last year, China's exports increased by 67.2% and imports increased by 24.8%. These statistics were released by the General Administration of Customs of China on May 9, 2023. The total trade volume for April reached USD 19.228 billion, while the bilateral trade volume for the two countries this year so far is USD 73.148 billion.
China mainly imports oil, natural gas, coal, copper, copper ore, timber, fuel, and seafood from Russia. A large part of the exports to Russia includes smartphones, industrial and specialized equipment, toys, shoes, cars, air conditioners, and computers. China's exports of electromechanical products, automobiles, and auto parts to Russia have all increased significantly.
The General Administration of Customs of China summarized the achievements of 2022, stating that Russia became one of China's top ten trading partners for the first time in history, while China has been Russia's largest trading partner for many years. The bilateral trade volume between China and Russia is expected to continue to increase from 2023 onwards. As both countries continue to prioritize trade cooperation and economic development, this growth is expected to continue in the coming months.
According to Song Kui, director of the Contemporary China-Russia Regional Economy Research Institute, quoted by the Global Times, "With the two countries' top leaders clearly defining the direction of bilateral cooperation, the strong growth momentum is also within market expectations. Pragmatic economic cooperation has become an unstoppable trend."
Some analysts believe that if the geopolitical situation between Beijing and Washington does not improve and the current growth and contraction trends continue, Russia may surpass the United States as China's main trading partner by 2030.
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