Trade between Russia and China will exceed $200 bln by end of...

Trade between Russia and China will exceed $200 bln by end of 2023

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Trade between Russia and China will exceed $200 bln by end of 2023

Andrey Belousov pointed to noticeable progress in trade in metallurgy, chemicals, food, equipment and vehicles between the two countries

 Trade turnover between Russia and China will amount to more than $200 billion by the end of 2023, Russia’s First Deputy Prime Minister Andrey Belousov said on Monday.

“According to our estimates, by the end of the year we will overcome the level of $200 billion, which we planned to reach only in 2024,” he said at a meeting of the intergovernmental Russian-Chinese commission on investment cooperation, which is underway in Beijing.

The First Deputy Prime Minister pointed to noticeable progress in trade in metallurgy, chemicals, food, equipment and vehicles between the two countries.

“The framework of investment cooperation between Russia and China is expanding. New joint investment projects are being launched in priority sectors. In the automotive industry, mining and gas chemical industries, agriculture, logistics, IT sector and others,” he said.

“Due to departure of a number of Western companies from the Russian market new opportunities are opening up for Chinese partners to participate in large Russian oil and gas, petrochemical, automobile manufacturing enterprises, companies producing consumer goods, glass products and construction materials,” he added.

Russian-Chinese trade turnover in January-October

According to China’s General Administration of Customs, trade turnover between Russia and China grew by 27.7% year-on-year in January-October, reaching $196.48 billion. As follows from the published data, exports from China to Russia soared by 52.2 over 10 months % and amounted to about $90.08 billion. Imports of Russian goods increased by 12.4%, to $106.4 billion.

The bulk of the cost of goods imported from Russia to China accrues to oil, natural gas and coal. Other key imports include copper and copper ore, timber, fuel and seafood. China exports a wide range of products to Russia, a significant share of which is smartphones, industrial and specialized equipment, toys, shoes, vehicles, air conditioners and computers. In addition, the republic supplies Russia with such important strategic raw materials as germanium.

Trade turnover between Russia and China in 2021 increased by 35.8%, to $146.88 billion. In 2022, it increased by 29.3%, to a record $190 billion. As Russia’s Economic Development Minister Maxim Reshetnikov noted in October, the volume of Russian-Chinese trade is growing rapidly and this year could theoretically reach $215-220 billion.