Saturday, December 3, 2022

Trade volume between China and Russia has increased

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Conversely, Russia is one of China’s most important energy suppliers. According to the Chinese customs authorities, the trade volume in goods has increased from around 84 billion US dollars in 2017 to almost 147 billion dollars in 2021. On the sidelines of the Winter Olympics in Beijing in February 2022, the two countries announced that they wanted to increase bilateral trade to 250 billion dollars by 2024.

However, the partnership is unequal, explained study author Sonja Beer. According to the latest figures from 2020, business with China accounted for around 18 percent of all Russian foreign trade. “This makes China by far the most important trading partner for Russia.” Conversely, Russia is not even one of China’s ten most important trading partners. In 2021, only 2.4 percent of Chinese trade volume came from transactions with Russia.

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