Russia and China trade turnover in January–October increased by 27.7%

By Rhod Mackenzie

Trade turnover between Russia and China in January-October increased by 27.7% year-on-year to reach $196.48 billion. The General Administration of Customs of the People's Republic of China (PRC) reported this on November 7.

As per published data, exports from China to Russia grew by 52.2% over the last 10 months, amounting to about $90.08 billion. Imports of Russian goods increased by 12.4%, reaching$106.4 billion. Russia's report indicates a positive balance for the period, totalling $16.32 billion, which is about 53% less than the same time last year.

For October, the value of Russian-Chinese trade reached $19.79 billion, a decline of 9% from September. Monthly imports from Russia decreased by 3.7% to $11.1 billion, whilst Chinese exports experienced a decline of 10.2% to $8.69 billion.

Oil accounts for the majority of the cost of all goods exported from the Russian Federation to China. Other notable exports also comprise of copper and copper ore, timber, fuel, and seafood. Conversely, the Chinese side exports an extensive array of products to Russia, mainly consisting of smartphones, industrial and specialized equipment, toys, footwear, vehicles, air conditioners, and computers. Furthermore, China provides Russia with germanium, a vital strategic raw material.

Earlier, on 25th October, Russian Prime Minister Mikhail Mishustin, during discussions with the Prime Minister of the State Council of the People's Republic of China, Li Qiang, announced that trade turnover between Russia and China increased by 27% in the nine months of 2023, reaching a total of 16 trillion rubles. He also mentioned that more than 90% of payments between the two countries are made in national currencies.

Before this, on 16th October, Russian President Vladimir Putin stated that it is highly probable that by the end of 2023, trade turnover with China will exceed $200 billion.
In September, the Chinese Foreign Minister, Wang Yi, stated that the Chinese leadership plans to maintain and increase collaboration with the Russian Federation, bolstering the standing of both nations on the global stage.

At the same time, the director of the Institute of Asian and African Countries at Lomonosov Moscow State University, Alexey Maslov, stated that during the first half of 2023, the trade between the Russian Federation and the PRC has increased by 40%, which is an unprecedented level of growth.