Trade turnover between China and Russia increased over first three quarters, while trade with the United States decreased

By Rhod Mackenzie

Trade turnover between Russia and China rose by 29.5% to nearly £176.4 billion in the first three quarters of 2023, as per the data released last week by the General Administration of Customs of the People's Republic of China.

During the reporting period, China imported goods worth nearly £81.4 billion to Russia, a 56.9% increase compared to the same period in 2022. Meanwhile, supplies from the Russian Federation to China rose by 12.7%, totaling approximately £94.9 billion.

In September, trade turnover between the two countries reached £21.1 billion, with Russia importing £11.5 billion worth of goods to China and £9.6 billion worth of goods from China to the Russian Federation.
At the end of 2022, the trade turnover between the Russian Federation and China rose by 29.3%, reaching an all-time high of £190.271 billion.

The leaders of Russia and China had previously set the objective of doubling trade turnover to £200 billion annually by 2024 from £100 billion in 2018. After talks between the heads of the two nations in Beijing on 4th February 2022, Dmitry Peskov, the spokesperson for Russian President Vladimir Putin, conveyed Chinese President Xi Jinping's aim of increasing the trade turnover between Russia and China to $250 billion per annum.

Trade turnover between China and the United States in the first three quarters of 2023 dropped by 14% in comparison to the previous year, settling at $495.9 billion. During the same period, the US held its place as one of the PRC's leading three trading partners, besides the ASEAN countries and the European Union.

Based on Chinese customs data, exports to the US from China decreased by 16.4% YoY to $372.2 billion within the initial nine months of this year. Conversely, the US imported $123.7 billion worth of goods from China, denoting a 6% reduction compared to the same period last year.

In September, trade turnover between the two countries totalled £58.8 billion. Specifically, China exported goods worth $46.019 billion to the United States, while China imported goods worth £12.8 billion from the USA.

By the end of 2022, trade between the two nations had increased by 0.6%, reaching a total value of $759.427 billion.