Russia-China trade to hit $300 billion by the end of the decade

By Rhod Mackenzie

The trade volume between Russia and China is increasing and likely to hit £300 billion by the end of the current decade, according to Andrey Belousov, Russian First Deputy Prime Minister.

Speaking at a conference of the Russia-China intergovernmental commission in Beijing this week, Belousov emphasized that China is among Russia's significant trading partners and the scope of investment prospects for both countries is expanding.

"Since the start of 2023, bilateral trade turnover has increased by one-third. Noticeable advancements have been made in trading metallurgical products, chemicals, food, equipment and vehicles," stated the deputy prime minister.

The trade between the two countries is anticipated to surpass the target of $200 billion this year, which was originally expected to be reached by 2024.

According to Chinese customs data, trade turnover between Russia and China rose by 29.5% in the initial three quarters of 2023, totaling nearly $176.4 billion.

Russian-Chinese trade has been flourishing due to Western sanctions imposed on Russia and ongoing trade conflicts between the US and China. Russia has primarily supplied China with energy products like oil and gas, as well as refined products, agri-food, and industrial products. In turn, China has exported a diverse range of goods, including food, equipment, mobile phones, electronics, engineering products, cars, furniture, toys, textiles, clothing, and footwear.